Praising India’s remarkable rise in fintech, Prime Minister Narendra Modi said on Tuesday that the country’s Unified Payments Interface (UPI) is the “undisputed champion” of this success story.

Inaugurating the ‘Global Fintech Fest 2026’ here, PM Modi said, “This is such a massive transformation that whenever fintech is discussed, it will remain incomplete without UPI.”

Reflecting on UPI’s 10th anniversary, which India celebrated on August 25, the Prime Minister contrasted the scepticism of financial elites in its early days with the current reality, where millions of previously unbanked citizens now participate in the digital economy.

Modi said India recorded more than 24 billion UPI transactions in August alone, with roughly 50 lakh transactions processed in the first 10 minutes of the event. Citing French President Emmanuel Macron, he said UPI’s phenomenal adoption goes beyond technology.

“It is because of this impact that French President Emmanuel Macron said that UPI is not just a tech story, it is a civilizational story,” PM Modi remarked.

Highlighting UPI’s global expansion, the Prime Minister said India’s flagship digital payment system is now live in 11 countries, transforming what once seemed unimaginable into an everyday reality for international payments.

“These are astonishing figures that tell us how long a journey we have covered,” the Prime Minister said.

Looking ahead, Modi urged the fintech industry to treat these achievements as a starting point rather than a destination.

Outlining the next phase of international digital payments, the Prime Minister stressed the need to integrate UPI with the domestic payment systems of partner countries, similar to the seamless cross-border connectivity India has established with Singapore. He urged stakeholders to link financial networks in countries with large Indian populations or significant trade ties with India.

“Wherever Indians live in large numbers, wherever India trades on a large scale, whichever country in the world is ready to walk with us, we have to work to connect them all,” the Prime Minister said.

Emphasising the economic benefits for the diaspora, PM Modi said reducing transaction costs for the world’s largest remittance-sending population remains a critical priority. He said global integration of digital payment systems could speed up the transfer of funds to families in India.

“UPI can bring savings to Indians in this as well, and the money can reach Indian families faster,” he pointed out.

Urging a shift in financial infrastructure, the Prime Minister criticised India’s historical reliance on foreign-designed card payment standards and called for indigenous rules and protocols. He expressed confidence that the domestic industry can develop standards with global relevance.

“Now we can make our own rules and standards and connect them with the world,” PM Modi remarked.

Reiterating his vision of using technology to empower citizens, the Prime Minister praised UPI as a powerful tool for financial inclusion, saying it has reached areas that traditional banking models failed to serve. He said the true measure of innovation lies in taking financial services directly to individuals.

“Where traditional banks could not reach, where bank branches could not reach, UPI has taken the banking system to that place, to that person,” the Prime Minister said.

Charting the future of India’s fintech sector, Modi stressed the need to move beyond payments and expand access to credit, insurance, savings, investments and pension products. He urged the industry to take its services to the next level.

“Now in the fintech market, along with payments, the share of credit transactions must also increase,” the Prime Minister said.