India’s Modi Seeks Wider Global Reach for UPI Payment System
India is looking to expand the global reach of its homegrown digital payment platform, Unified Payments Interface (UPI), with Prime Minister Narendra Modi calling for integration with payment systems in more countries. UPI, operated by the National Payments Corporation of India, is the world’s largest retail fast-payment system by transaction volume.
UPI is currently operational in 11 countries, including Singapore, the UAE, France and Nepal. Modi said the next step should be connecting UPI with other international payment networks, particularly in countries with large Indian communities and strong trade ties with India.
Greater international adoption could make cross-border payments easier for Indian travellers and the diaspora while helping reduce remittance costs. India and the Reserve Bank of India have been promoting UPI’s overseas expansion to lower transaction friction and enable smoother payments in Indian rupees.
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