Archive · 9 Sep 2026
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.
- When
- Tuesday; the specific calendar date was not stated.
- Where
- At the 7th Global Fintech Fest in Mumbai.
- 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.
- 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
