PM Modi Calls for Global Push of UPI to Cut Remittance Costs

Prime Minister Narendra Modi on Tuesday urged India's fintech ecosystem to aggressively expand the global footprint of the Unified Payments Interface (UPI). Speaking at the inauguration of the 7th Global Fintech Fest, he emphasized connecting UPI with local payment systems in other countries to benefit the Indian diaspora.

Modi noted that UPI is already operational in 11 countries and has been linked with Singapore's local payment network. He cautioned against complacency following UPI's domestic success over the past decade, setting the next goal as broadening its international reach.

The Prime Minister outlined a clear strategy for prioritization, suggesting a focus on nations with a significant Indian diaspora, high trade volumes with India, or a willingness to partner on system integration. He highlighted the economic rationale, pointing out that Indians are the world's largest remitters and that a portion of their remittances is lost to transaction costs. Expanding UPI could help reduce these costs and ensure money reaches families faster.

Modi also positioned India's digital payment infrastructure as a global alternative to existing card systems designed in other countries. "We can set our own rules and standards and connect them with the world," he said, echoing French President Emmanuel Macron's view that UPI represents not just a technological achievement but a civilizational one.

Looking ahead, the Prime Minister called on the fintech industry to move beyond payments and focus on non-payment transactions. He also stressed the importance of developing robust cybersecurity solutions and ethical data protection standards. Furthermore, he proposed the creation of a fintech regulatory ecosystem and a consumer protection index to rate companies on transparency.