PM Modi urges fintech sector to expand beyond payments globally

Prime Minister Narendra Modi has called on India’s fintech industry to broaden its scope beyond digital payments. Speaking at a recent event, he emphasised expanding into non-payment financial services and extending the global reach of India’s Unified Payments Interface (UPI).

Modi said the next chapter for India’s fintech sector should focus on "non-payment transactions," including credit, insurance, savings, and pensions. He highlighted the need to increase these segments alongside payments to strengthen the market.

The Prime Minister urged efforts to connect India’s payment system with other countries, noting that wherever Indians live in large numbers and wherever India trades extensively, the fintech industry must work to link those regions. He pointed out that India has already achieved such connectivity with Singapore.

Modi also stressed that India can set its own rules and standards for digital payments and connect them globally. He said this approach reflects India’s growth momentum, macroeconomic stability, and recent structural reforms, which provide confidence to the world.

The Prime Minister recalled that ten years ago, when he spoke about banking at one’s fingertips, many considered it impossible. Now, with UPI live in 11 countries, he wants to push for its global expansion to reduce remittance costs and increase India’s influence in the global payments ecosystem.