India PM Modi seeks to expand global reach of homegrown retail payment platform

Indian Prime Minister Narendra Modi on Tuesday called for expanding the global reach of the Unified Payments Interface (UPI), the homegrown retail payment network. Modi said UPI should aim to integrate with the payment systems of more countries, broadening its use beyond India's borders. UPI, operated by the National Payments Corporation of India (NPCI), has transformed domestic digital payments with hundreds of millions of transactions and is pursuing cross-border connections with select partners. By linking with other nations' payment rails, UPI could offer faster, cheaper options for cross-border remittances and everyday transfers for Indian travelers, traders, and the global Indian diaspora. The push aligns with India's broader objective of exporting its digital infrastructure and strengthening financial inclusion by enabling more people to pay digitally and settle transactions seamlessly. Officials indicated that wider international interoperability would require collaboration with banks, fintechs, and regulators in partner countries, as well as standards alignment and cybersecurity safeguards. While no timeline or list of countries was announced, the speech underscored a priority of expanding UPI's reach to support growth in remittances, trade, and global commerce centered on the Indian economy. Modi's remarks reflect a broader push to elevate India's digital payments backbone on the world stage.