India PM Modi seeks to expand global reach of homegrown retail payment platform
Among countries where the platform is operational are Singapore, the UAE, France and Nepal
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[NEW DELHI] Indian Prime Minister Narendra Modi said on Tuesday (Sep 8) that Unified Payments Interface (UPI), the country’s homegrown retail payment network, should aim to integrate with payment systems of more countries.
UPI, operated by the National Payments Corporation of India, is the world’s largest retail fast-payment system by transaction volume, according to a 2025 IMF report. It processed 24.51 billion transactions, worth 29.82 trillion Indian rupees (US$314.21 billion), in August, latest data shows.
The network is currently live in 11 countries, Modi said at a fintech conference in Mumbai and called UPI’s international expansion evidence of India’s progress in digital payments. Among countries where UPI is operational are Singapore, the UAE, France and Nepal.
In 2023, UPI and Singapore’s PayNow were linked – enabling users to send funds instantly using just a mobile number or Virtual Payment Address.
“Now to connect with other payment rails is the next step,” Modi said. UPI should be expanded to countries with a large Indian diaspora and strong trade ties with India, he added.
Broader adoption overseas could help reduce remittance costs for millions of Indians working abroad, he said.
Modi’s government and the Reserve Bank of India have been keen to extend UPI across borders to help Indian travellers and the diaspora make payments in Indian rupees while reducing friction and cross-border transaction costs.
Last month, India paved the way for the reintroduction of merchant fees on transactions made through UPI after its Parliament approved changes to the country’s payments laws. REUTERS
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