UPI to Go Global to Cut Remittance Costs, Focus Shifts to Tailored Financial Services and Cybersecurity

• by Akanksha Mishra
• 2026-09-09 06:53:00

Setting a visionary roadmap for the next phase of India's phenomenal digital financial revolution, Prime Minister Narendra Modi inaugurated the seventh edition of the Global Fintech Fest (GFF) 2026 at the Jio World Centre in Mumbai on Tuesday. Addressing an international gathering of policymakers, regulators, financial institutions, startup founders, and global investors, the Prime Minister emphasized that India's digital public infrastructure has successfully democratized financial access. The four-day premier conference, running through September 11, centers around the core theme of "Potential to Impact: Agentic AI, Tokenization, Quantum," urging the global fintech community to translate advanced technologies into practical, real-life solutions for everyday citizens.

Expanding UPI Globally to Make Remittances Cheaper for the Diaspora

Highlighting the extraordinary success of the Unified Payments Interface (UPI) as the crown jewel of India's digital transformation, Prime Minister Modi issued a clarion call to further expand its international footprint. Having already established cross-border connectivity across 11 nations, the Prime Minister urged the fintech ecosystem to integrate UPI with local financial systems in countries with substantial Indian diaspora populations and high trade volumes. By scaling up global integration, the initiative aims to drastically cut down cross-border remittance costs, enabling Indians living and working abroad to send money home faster, safer, and much more affordably.

Tailoring Financial Services for Small Businesses and Grassroots Entrepreneurs

Shifting the industry's horizon beyond basic payment processing, PM Modi stressed that the next frontier of fintech must focus on delivering customized, accessible financial products to small shopkeepers, micro-entrepreneurs, and underserved communities. Traditional banking systems often present insurmountable barriers for grassroots businesses seeking credit, insurance, and working capital. The Prime Minister called upon innovators to bridge this gap by designing bespoke financial services tailored to the precise economic realities of ordinary citizens, thereby driving deep-seated financial inclusion and empowering the informal economy.

Cybersecurity, Ethical Data Standards, and New Consumer Protection Index

As digital transactions scale unprecedented heights, the Prime Minister issued a strong caution regarding emerging digital threats, demanding the immediate development of robust security frameworks to combat sophisticated cyberattacks and data misuse. Underscoring that consumer trust forms the bedrock of financial technology, PM Modi proposed the creation of a pioneering "Fintech Consumer Protection Index." This proposed index would publicly rate companies based on their security adherence and customer safeguarding practices, fostering healthy competition and empowering consumers to make informed choices. Furthermore, he encouraged the industry to establish proactive ethical data standards to ensure transparent and responsible handling of user information.

India's Strong Macroeconomic Momentum and Sovereign Rating Upgrade

Drawing attention to India's robust economic fundamentals, Prime Minister Modi highlighted the nation's impressive 7.8 percent growth rate as a clear testament to enduring macroeconomic stability amidst challenging global headwinds. He pointed out that international confidence in India is surging steadily, a sentiment reinforced by the recent upgrade of India's sovereign credit rating by a premier Japanese agency. Praising the expanding risk appetite and confidence of India's youth and fintech startups, the Prime Minister reiterated that India's financial journey is firmly anchored in global collaboration, technological innovation, and a resilient, inclusive financial architecture.

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