UPI Is Undisputed Champion Of Fintech: PM Modi

Reflecting on the tenth anniversary of UPI celebrated on August 25, the Prime Minister contrasted early scepticism from financial elites with the current reality where millions of previously unbanked citizens now drive the digital economy.

24 Billion Transactions And Global Recognition

The Prime Minister pointed out that over 24 billion UPI transactions occurred in August alone, meaning roughly 50 lakh transactions were processed in just the first ten minutes of the event. He cited French President Emmanuel Macron to underscore that this phenomenal adoption rate transcends 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.

UPI's International Expansion

Highlighting the global expansion of India's flagship digital payment system, the Prime Minister said that UPI is now live in 11 countries, turning what was once 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.

Setting the stage for future ambitions, the Prime Minister challenged the industry to view current achievements as merely a starting point rather than a final destination.

Linking UPI With Partner Countries' Payment Systems

Outlining the next strategic phase for international digital payments, the Prime Minister emphasized the urgent need to integrate UPI with the domestic payment systems of partner countries, mirroring the seamless cross-border connectivity already established with Singapore. He directed stakeholders to actively link financial networks wherever large Indian populations reside or extensive trade occurs.

"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.

Faster, Cheaper Remittances For The Diaspora

Emphasizing the economic benefits for the diaspora, PM Modi pointed out that reducing transaction costs for the world's largest remittance-sending population is a critical priority. He explained that integrating digital payment systems globally would significantly accelerate the transfer of funds to families back home. "UPI can bring savings to Indians in this as well, and the money can reach Indian families faster," he pointed out.

Call For Indigenous Payment Standards

Urging a paradigm shift in financial infrastructure, the Prime Minister criticized historical reliance on foreign-designed card payment standards and called for the creation of indigenous rules and protocols. He expressed absolute confidence that the domestic industry possesses the capability to develop global standards.

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

UPI's Role In Financial Inclusion

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. He emphasized that the true hallmark of innovation is delivering services directly to the individual.

"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.

Beyond Payments: Credit, Insurance And Investments Next

Charting the future course for the domestic fintech market, the Prime Minister stressed the necessity of moving rapidly beyond mere payment processing to actively expanding the footprint of credit, insurance, savings, investments, and pension products. He emphasised that the sector must rapidly elevate its service offerings to the next level.

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

(With inputs from IANS)

Also Read: UPI Surges 20%: Rs 29.82 Lakh Crore Transactions in August