PM Modi Urges Fintech Industry To Take UPI Global, Reduce Remittance Costs For Indians Abroad

Prime Minister Narendra Modi addressed the 7th edition of the Global Fintech Fest on Tuesday, urging India's fintech industry to expand the Unified Payments Interface (UPI) globally and integrate it with local payment networks. This expansion would assist millions of Indians living abroad in reducing the costs associated with sending money home.

UPI is currently operational in 11 countries, including Singapore, where it has been integrated with the local payment system. Modi encouraged the fintech ecosystem to leverage the success of the past decade and focus on bringing India's digital payment infrastructure to the global stage, prioritizing countries with significant Indian diaspora populations and robust trade relationships with India.

He emphasized the potential benefits for overseas Indians, who contribute significantly to global remittances, noting that UPI could lower transaction charges and facilitate faster transfers to their families in India. Modi also stressed India's capability to establish its own digital payment standards and connect them with the world, underscoring the importance of the country in shaping global digital payment norms.

He likened UPI to a reflection of India's civilizational approach to innovation and connectivity, beyond just a technological achievement. Beyond digital payments, Modi called for the fintech sector to venture into non-payment financial services, develop new solutions, prioritize cybersecurity, and establish strong data protection standards.

He proposed creating a Fintech Consumer Protection Index to evaluate companies based on transparency, consumer choice, and industry accountability.