Indian Prime Minister Narendra Modi announced at the Global Fintech Fest in Mumbai on September 8 his intention to expand India’s UPI payment system globally. UPI processed 24.51 billion transactions worth approximately $314 billion in August 2026, representing 49% of global real-time payment volume in 2024. The system is currently operational in 11 countries including Singapore, the UAE and France, with the goal of reaching 15 to 20 additional markets over the next decade. India received over $155 billion in remittances for the fiscal year ending March 2026, cementing its position as the world’s largest recipient. This expansion relies on system-to-system interoperability, an approach likely to dramatically reduce transfer fees, currently averaging over 6%.
Source: Read the original article
