UPI a Major Champion of India’s FinTech Story: PM Modi

• PM Modi inaugurates Global Fintech Fest 2026 in Mumbai.
• Says UPI has transformed financial inclusion and digital payments.
• Highlights Agentic AI, tokenisation and quantum technology as emerging opportunities.
• Calls for stronger cybersecurity, ethical data protection and consumer safeguards.

GG News Bureau
Mumbai, 8th Sept: Prime Minister Narendra Modi on Tuesday inaugurated the Global Fintech Fest 2026 in Mumbai and said India is taking its fintech journey to new heights with innovation and inclusion at its core.

Addressing innovators, investors and industry leaders from across the world, the Prime Minister said India’s strong economic growth is giving renewed confidence to the global community. He noted that the Indian economy recorded 7.8 per cent growth in the April-June quarter despite global economic uncertainties.

Highlighting the transformation of India’s digital payments ecosystem, Shri Modi described UPI as a major champion of the country’s fintech story. He noted that UPI completed 10 years on August 25 and recorded more than 24 billion transactions in August alone. UPI is now live in 11 countries, he said.

The Prime Minister called for further international integration of UPI with domestic payment systems, particularly in countries with significant Indian communities and strong trade ties with India. He said such integration could reduce remittance costs and enable money to reach Indian families faster.

Shri Modi also urged the fintech sector to move beyond payments and expand access to credit, insurance, savings, investments and pension products. He highlighted the potential of fintech to assess digital transaction histories and provide tailored credit solutions to small businesses that remain underserved by traditional banking systems.

Referring to the PM SVANidhi scheme, the Prime Minister said fintech and UPI have helped bring street vendors into the formal credit system. He urged the industry to build on this experience to strengthen grassroots economic activity.

Highlighting emerging technologies, Shri Modi said Agentic AI, tokenisation and quantum computing are opening new possibilities in the financial sector. He called on the fintech industry to convert these technological opportunities into tangible benefits for citizens and businesses.

The Prime Minister laid out four key priorities for the sector: top-notch cybersecurity, ethical data protection standards, a robust regulator-industry innovation ecosystem and a fintech consumer protection index.

He also called for the development of indigenous rules and standards for financial technologies and encouraged the industry to connect Indian innovations with global systems.

Shri Modi said the fintech sector must focus on next-generation innovation while maintaining scale, security, accessibility, democratisation and public trust as the foundations of India’s digital financial ecosystem.