PM Modi urges fintech sector to expand UPI globally, cut remittance costs

Indian Prime Minister Narendra Modi has expressed his desire to expand the reach of the Unified Payments Interface (UPI) globally, stating that the country's homegrown retail payment network should integrate with payment systems of additional nations. UPI, administered by the National Payments Corporation of India, is currently operational in 11 countries and is recognized as the world's largest retail fast-payment system by transaction volume, processing 24.51 billion transactions worth 29.82 trillion Indian rupees (US$314.21 billion) in August, according to a 2025 IMF report.

Modi highlighted UPI's international expansion as evidence of India's advancements in digital payments, noting that the network is linked with Singapore's PayNow, enabling users to send funds instantaneously using just a mobile number or Virtual Payment Address. The Prime Minister emphasized that connecting with other payment rails is the next step in UPI's expansion.

Modi also mentioned the importance of expanding UPI to countries with a significant Indian diaspora and strong trade relations with India, as this could help reduce remittance costs for millions of Indians working abroad. The Indian government and the Reserve Bank of India have been actively working towards extending UPI across borders to benefit Indian travelers and the diaspora by reducing friction and cross-border transaction costs.

In a recent development, the Indian government lifted the ban on merchant fees for UPI transactions after the Parliament approved changes to the country's payment laws.