PM Modi Sets Next Goal For UPI: Wider Global Reach, Lower Remittance Costs
· Free Press Journal
Prime Minister Narendra Modi on Tuesday urged India's fintech ecosystem to expand the global reach of the Unified Payments Interface (UPI) by linking it with local payment systems in other countries, particularly those with a large Indian diaspora and strong trade ties with India.
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Speaking after inaugurating the seventh edition of the Global Fintech Fest in Mumbai, Modi said UPI is now live in 11 countries and has also been connected with Singapore's local payment system.
Take UPI To More Countries
The Prime Minister urged the fintech ecosystem to build on UPI's success over the past decade and focus on expanding its international footprint.
He said priority should be given to countries with a large Indian diaspora, high trade volumes with India or those willing to partner with the country to connect their payment systems.
"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," he said.
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Modi said global card payments currently operate on systems designed in other countries, while India now has an alternative that can be connected with payment networks around the world.
"We can set our own rules and standards and connect them with the world," Modi said.
Referring to French President Emmanuel Macron's words, the Prime Minister said UPI is not only a technology story but also a civilisational one.
Fintech's Next Chapter Beyond Payments
After India's successes in digital payments over the past several years, Modi said the fintech industry's next chapter should focus on non-payment transactions.
His remarks called on the sector to move beyond its achievements in payments and explore a wider range of fintech applications.
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Focus On Cybersecurity And Consumer Protection
The Prime Minister also urged the fintech community to develop top-notch cybersecurity solutions and ethical data protection standards.
He underlined the need for a fintech regulatory ecosystem as well as a fintech consumer protection index that could rate companies on transparency.
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