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TECHNOLOGY | Fintech Fest
Inauguration of ‘Global Fin- echnology is the most effective tool for inclu-
tech Fest 2026’ in Mumbai sion, and UPI has demonstrated this. When
Tit comes to fintech, a unique feature must be
UPI... could not—areas where conventional banks and
its ability to reach places where traditional models
bank branches failed to reach. UPI has successfully
extended the banking system to those very loca-
tions and individuals. At the inauguration of ‘Global
A Civilizational Story Fintech Fest 2026,’ Prime Minister Narendra Modi
stated that the fintech market must now expand
beyond payments to include a greater share of
In the remarkable narrative of India’s
technological rise, the Unified Payments credit transactions, insurance, savings, investments,
Interface (UPI) is the undisputed champion and pensions.
of this transformation. UPI is not just a tech UPI marked its 10th anniversary on August 25. PM
story; it is a civilizational story. Speaking at Modi recalled that ten years ago, when he spoke of
the inauguration of the Global Fintech Fest having one’s bank at one’s fingertips, some found
(GFF) 2026 in Mumbai on September 8, the the idea implausible. Yet, a decade later, millions
Prime Minister noted that while payments of people who had remained outside the banking
currently dominate a large share of the system for generations have become major drivers
fintech market, the time has come to move of India’s fintech growth.
to the next level.
INDIA’S PROGRESS INSTILLS NEW
CONFIDENCE IN THE WORLD
The world is passing through a phase of conflict and
uncertainty. There is strain on energy and commod-
ity supply chains, as well as trade-related tensions.
These conditions have persisted for several months,
with the April-June quarter proving to be the most
challenging. Amidst this, India’s growth rate of
7.8% instills a renewed sense of confidence in the
global community. India’s sovereign ratings serve
as another testament to this growing confidence.
Recently, a Japanese credit rating agency upgraded
India’s sovereign rating to the ‘A’ category—a mile-
stone achieved after three decades. This reflects the
world’s confidence in India’s growth momentum,
macroeconomic stability, and the structural reforms
In the month of August alone, over
24 billion transactions were con-
ducted via UPI. India’s UPI is now
live in 11 countries across the world.
