PM pitches next fintech phase beyond UPI to credit, insurance, savings
PM Modi calls for fintech growth beyond UPI into credit, insurance, savings; pushes global payment links and India-led standards.
Prime Minister Narendra Modi on Tuesday outlined a broader vision for India's fintech sector, urging it to move beyond the Unified Payments Interface (UPI) into areas like credit, insurance, savings, and pensions. Speaking at the seventh Global Fintech Festival, he said the share of these segments in the fintech market must rise alongside payments, noting that fintech can reach places traditional models cannot.
Modi also stressed the need for deeper international integration of India's digital payments infrastructure. While UPI has reached several countries, he described this as only a first step. He called for linking India's payment systems with those of other nations, citing the existing connection with Singapore as a model. He suggested focusing on countries with large Indian populations and significant trade ties, which could also reduce transaction costs for Indians working abroad and speed up remittances.
On standards, the Prime Minister said India should develop its own frameworks for financial technology rather than relying on rules designed elsewhere. "We applied standards and rules made by others since we did not have a choice at that time. But now we have a choice," he said, adding that India should work towards linking its standards with the rest of the world.
Modi also pointed to emerging technologies such as agentic AI, quantum computing, and tokenization as opening new opportunities in finance. He stressed the importance of cybersecurity and ethical data protection, and called for a strong regulatory framework to support innovation. He proposed a fintech consumer protection index to enable transparent ratings of companies.
Highlighting India's economic momentum, Modi noted the economy grew 7.8% in the June quarter and cited an improvement in the country's sovereign rating by a Japanese agency as evidence of growing global confidence. He also observed that young people's increasing participation in fintech reflects India's rising risk-taking capacity.