PM Modi Urges Fintech Push Beyond UPI

Prime Minister Narendra Modi inaugurated the seventh edition of the Global Fintech Fest 2026 in Mumbai on 8 September 2026. He called for the Indian fintech sector to expand beyond payment processing and the Unified Payments Interface into credit, insurance, savings, investments, and pensions.

Unified Payments Interface and Digital Payments

Unified Payments Interface, or UPI, is India’s real-time retail payment system developed by the National Payments Corporation of India. UPI was live in 11 countries in 2026, and the Prime Minister referred to its integration with domestic systems in partner nations for lower remittance transaction costs. He also stated that UPI processed more than 24 billion transactions in August 2026.

Fintech Priorities and Regulatory Framework

The Prime Minister proposed a four-point priority roadmap for the sector. The four elements were top-notch cybersecurity, ethical data protection standards, a robust regulator-industry innovation ecosystem, and a fintech consumer protection index.

He also urged Indian fintech firms to move from foreign standards towards indigenous payment standards, protocols, and rules. Fintech regulation in India involves the Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India, and the Pension Fund Regulatory and Development Authority, depending on the financial activity.

Emerging Technologies in Financial Services

Agentic AI, tokenisation, and quantum computing were identified as emerging technologies with financial sector applications. Agentic AI refers to artificial intelligence systems that can take actions with limited human intervention, while tokenisation in finance refers to replacing sensitive data with digital tokens for security.

Quantum computing uses quantum-mechanical principles for computation and is studied for future applications in cryptography and financial modelling. These technologies are relevant to digital payments, fraud detection, and data security in financial systems.

Important Facts for Exams

• Global Fintech Fest is a major fintech event held in India and associated with policy and industry discussions.
• UPI is operated by the National Payments Corporation of India and supports instant digital transfers.
• PM SVANidhi is a micro-credit scheme for street vendors and was extended up to 2030.
• Tokenisation is used in digital payments to reduce exposure of sensitive financial data.

PM SVANidhi is a central sector scheme for street vendors that provides working capital loans and digital transaction incentives. UPI-enabled digital payments have been linked with higher annual income for participating street vendors.