Unified Payments Interface (UPI) has become a global phenomenon, with international guests marveling at its efficiency, Prime Minister Narendra Modi stated during a podcast hosted by Zerodha co-founder Nikhil Kamath. PM Modi emphasized that India has set a global benchmark for democratizing technology in the fintech sector.
During the podcast, titled People with The Prime Minister Shri Narendra Modi x Nikhil Kamath, By WTF, the Prime Minister discussed India’s advancements in innovation and digital payments. Highlighting UPI’s capabilities, PM Modi said, “In just 30 seconds, I can transfer funds directly to 100 million farmers or send subsidies to 130 million cylinder consumers. This level of efficiency was made possible by leveraging technology and creating Jan Dhan accounts, which have curbed corruption and streamlined financial processes.”
He further elaborated on how UPI has transformed everyday transactions, stating that international visitors are often intrigued by its widespread usage, from street vendors to high-end merchants.
PM Modi also discussed the importance of fostering innovation, sharing that the government has established a dedicated innovation fund to encourage youth to take risks. He stressed, “Our youth should feel secure, knowing that even if they fail, they won’t be left behind.”
The Prime Minister highlighted the role of mobile technology in empowering the younger generation, calling this era a “technology-dominant century.” He remarked that the current government has effectively brought the world into people’s pockets through mobile devices, enabling them to achieve incredible feats with minimal resources.
This milestone, PM Modi noted, is not just about technology but also about creating opportunities, reducing inequalities, and setting an example for the global fintech community.