Applauding the remarkable achievement of India’s rise in fintech, Prime Minister Narendra Modi has said that the country’s Unified Payments Interface (UPI) is the undisputed champion of this success story.
“Now we can create our own rules and standards and connect them with the world,” Modi said.
Inaugurating the ‘Global Fintech Fest 2026’ in Mumbai on Sept 8th, PM Modi said this is such a massive transformation that whenever fintech is discussed, it will remain incomplete without UPI.
Reiterating his core philosophy of technological empowerment, the Prime Minister praised UPI as the ultimate tool for financial inclusion, successfully penetrating areas ignored by traditional banking models.
Over 24 billion (24,000 crore) UPI transactions occurred in August alone. Modi said and maintained that because of this, French President Emmanuel Macron has stated that UPI is not just a tech story; it is also a key civilizational story.
Modi suggested four key areas that the fintech industry should focus on.
First, he said India needs to make its cybersecurity “top-notch”. Second, the fintech industry should have its own ethical data protection standards.
Third, he called for a strong fintech-regulator-industry innovation ecosystem. Fourth, he proposed a fintech consumer protection index that can provide transparent ratings for companies.
PM noted that the UPI has completed 10 years on August 25.
Recalling the early days of the digital payments system, Modi said the idea of having banking services at one’s fingertips had seemed impossible to many people. He said millions of Indians who had remained outside the banking system for generations are now part of it and have become important drivers of inclusive growth.
Modi said UPI recorded more than 2,400 crore transactions in August alone. He added that more than 50 lakh UPI transactions could take place across the country in just 10 minutes.
He also referred to French President Emmanuel Macron’s earlier comment that UPI was not just a tax story but a “civilisational story”.
MODI WANTS UPI TO REACH MORE COUNTRIES
Modi said India should work towards connecting UPI with countries where it has large-scale trade and where many Indians live and work. He pointed out that many Indians work abroad and send money back to their families in India. However, part of the money is lost to transaction costs.
UPI, he said, can help reduce these costs and ensure that money reaches Indian families faster. India now has the opportunity to create its own rules and standards and connect them with the rest of the world.
PM said the next phase of fintech should not be limited to payments. It should also make credit and other financial services easier to access.
Giving an example, he spoke about a woman running a small shop who receives digital payments every day. Her income and expenses can give a clear picture of how her business is performing.
Modi said fintech can also help delivery workers and people running small businesses gain access to savings and pension products.
He said technology can similarly make insurance and other financial services easier to access. These services, he added, should become as simple, seamless and accessible as making a payment through a QR code.
AI, TOKENISATION TO OPEN NEW OPPORTUNITIES
PM said 2026 has opened new possibilities for the financial sector, with technologies such as agentic AI, tokenisation and quantum technology creating new opportunities.
The key challenge, he said, is to turn these technological possibilities into real-world impact.
He urged fintech companies to work together and set clear goals for the sector.
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