Prime Minister Narendra Modi has described UPI as the undisputed champion of India’s fintech success story, highlighting its rapid adoption, global expansion and contribution to financial inclusion. He said the platform has transformed digital payments and expanded access to formal financial services.
Speaking at the Global Fintech Fest 2026, PM Modi said discussions on the future of fintech would remain incomplete without recognising the contribution of the Unified Payments Interface (UPI).
UPI Fintech Success Reaches Record Transaction Scale
Reflecting on the 10th anniversary of UPI, celebrated on August 25, the Prime Minister highlighted the platform’s growing adoption. He said more than 24 billion UPI transactions were recorded in August alone, showing how deeply digital payments have become integrated into everyday transactions.
PM Modi said the success of UPI represents a wider transformation in India’s financial ecosystem. Millions of people who were previously outside the formal banking system are now participating in the country’s digital economy.
UPI Expands to 11 Countries
The Prime Minister also highlighted the global expansion of UPI, which is now operational in 11 countries.
He called for greater integration between UPI and domestic payment systems in partner countries, similar to the cross-border digital payment connectivity established with Singapore. He said India should work towards connecting financial networks in countries with large Indian communities and significant trade relationships.
Stronger international payment connectivity could help make remittances faster and more affordable for Indians sending money to their families, PM Modi said.
PM Modi Calls for Indigenous Fintech Standards
PM Modi also called for greater technological self-reliance in financial technology. He said India should move beyond dependence on foreign-designed card payment standards and develop indigenous rules, protocols and global financial technology standards.
He expressed confidence that India’s fintech industry can develop technologies and standards capable of connecting with financial systems around the world.
UPI Success Moves Beyond Digital Payments
Highlighting UPI’s role in financial inclusion, the Prime Minister said digital payments have helped take banking services to people and places where traditional bank branches could not effectively reach.
He stressed that the next phase of fintech growth should go beyond payments and expand access to credit, insurance, savings, investments and pension products.
PM Modi said increasing the share of digital credit transactions should be an important priority as India moves towards the next stage of fintech development and financial inclusion.
The Prime Minister’s remarks at GFF 2026 underline the growing role of UPI in India’s digital finance revolution, while the next phase is expected to focus on international connectivity and expanding fintech services beyond payments.
Source: Sarkaritel
