1 day ago
Modi Urges Global UPI Expansion to Cut Remittance Costs
Prime Minister Narendra Modi wants India’s UPI payment system to be used in more countries.
UPI already works in 11 countries, including through a connection with Singapore’s payment system.
He said this could help Indians living abroad send money home more cheaply.
It could also help families receive that money faster.
Modi said India should work with countries that have many Indians or trade a lot with India.
He believes India can help create payment rules instead of relying only on systems designed elsewhere.
He also wants fintech companies to build services beyond payments.
These services should include strong cybersecurity, responsible data protection, clear regulation, and better consumer transparency.
Prime Minister Narendra Modi urged fintech companies to expand UPI internationally and connect it with local payment systems.
UPI is live in 11 countries and connected with Singapore’s local payment system, Modi said.
He said wider adoption could reduce remittance fees and help money reach Indian families faster.
Modi encouraged partnerships with countries that have large Indian diasporas, strong trade ties with India, or interest in linking systems.
He also called for innovation beyond payments, including cybersecurity, ethical data protection, regulation, and consumer-transparency ratings.
- Who
- Prime Minister Narendra Modi and the fintech ecosystem.
- What
- Modi urged the global expansion of the Unified Payments Interface, or UPI, and called for broader fintech innovation and safeguards.
- Where
- At the 7th Global Fintech Fest in Mumbai.
- When
- Tuesday; the specific calendar date was not stated.
- Why
- To reduce remittance costs and speed transfers for the Indian diaspora, strengthen India’s role in global payment standards, and improve fintech safety and transparency.
Key facts
- Event
- 7th edition of the Global Fintech Fest
- Location
- Mumbai
- UPI availability
- Live in 11 countries
- Existing integration
- Connected with Singapore’s local payment system
- Proposed priority countries
- Countries with large Indian diasporas, high trade volumes with India, or willingness to connect payment systems
- Remittance benefit
- Potentially lower transaction costs and faster transfers to families
- Additional priorities
- Non-payment transactions, cybersecurity, ethical data protection, fintech regulation, and consumer transparency
Quotes
Narendra Modi
Prime Minister of India
“This is essential because Indians work in large numbers in foreign countries. They are the largest remitters of money. A part of the remittances goes away as transaction costs; UPI can help in saving on these costs and the money can also reach families faster.”
rediff.com
freepressjournal.in
NDTV
“We can set our own rules and standards and connect them with the world.”
rediff.com
freepressjournal.in
NDTV
Sources
Related news
Modi Calls for Broader, Safer Fintech Growth Beyond Payments
Modi Highlights UPI, Fintech Growth and India’s Reform Push
India’s UPI Set for Uzbekistan Rollout, Deepening Bilateral Ties
Modi Marks UPI’s Decade as India’s Digital Payments Turning Point
UPI Partnership Lets Indian Travellers Pay Across Uzbekistan
Bank of Baroda Launches Global UPI Payments for Foreign Visitors
Centre Approves Rs 20,800 Crore Railway Multitracking Projects
Eknath Shinde Honoured at House of Lords for Governance
Mumbai Crime Branch Takes Over Alleged Fake PMO Card Probe
SCO Urged to Refocus on Central Asia and Core Priorities
BJP's Seva Campaign Marks Modi's 25 Years in Public Office
