PM Modi Sets Next Goal For UPI: Wider Global Reach, Lower Remittance Costs

Prime Minister Narendra Modi has set an ambitious goal for India's fintech industry - to expand the reach of the Unified Payments Interface (UPI) globally by linking it with local payment systems in countries with significant Indian diaspora populations, strong trade ties with India, or willingness to collaborate. Speaking after the inauguration of the seventh Global Fintech Fest in Mumbai, Modi emphasized the importance of connecting UPI with these countries to reduce remittance costs for over a billion Indians working abroad.

To achieve this, Modi urged the fintech ecosystem to prioritize building on UPI's success over the past decade and focus on international expansion. He highlighted that Indians working abroad are the largest remitters of money, and UPI can help save on transaction costs and enable faster transfer of funds to their families. Modi also stated that India has the unique opportunity to set its own payment standards and connect them with global networks, unlike global card payments which operate on foreign-designed systems.

In his keynote address, Modi likened UPI's potential to not just a technological advancement but a civilizational one, emphasizing the broader role of fintech. He encouraged the sector to move beyond its achievements in payments and explore a wider range of fintech applications. Modi further urged the fintech community to prioritize cybersecurity and ethical data protection standards, calling for the development of advanced cybersecurity solutions and a fintech regulatory ecosystem.

He also proposed the creation of a fintech consumer protection index to rate companies on transparency and ethical practices.