India is actively working to take its homegrown digital payment system, the Unified Payments Interface (UPI), to more countries around the world. Financial Services Secretary M. Nagaraju made this announcement on Tuesday. The government is particularly focusing on expanding UPI's footprint in East Asian nations.
Global Push for UPI
Speaking at the Global Inclusive Finance India Summit in New Delhi, Nagaraju highlighted the remarkable growth of digital payments in India, largely driven by UPI. He confirmed that preparations are underway to facilitate payments in additional overseas markets. UPI transactions are already accepted in eight countries: Bhutan, Singapore, Qatar, Mauritius, Nepal, the United Arab Emirates, Sri Lanka, and France.
"We have already expanded UPI services to a few countries, and more will be added soon, especially in East Asia," Nagaraju stated clearly. This move represents a significant step in internationalizing India's flagship digital payment infrastructure.
Record Transaction Numbers
The finance ministry reported that UPI transactions crossed a staggering 21 billion in December 2025. This surge is attributed to the increased adoption of PM Jan Dhan Yojana accounts, which have brought millions into the formal banking system. The National Payments Corporation of India (NPCI) operates this widely used interface, managing India's retail payments and settlement systems.
Strengthening Financial Inclusion
Alongside the UPI expansion, the government is deepening its financial inclusion initiatives. Nagaraju revealed that the scope of the Stand Up India scheme is being expanded to provide larger loans to more people. The scheme specifically targets Scheduled Castes (SC) and Scheduled Tribes (ST) beneficiaries, aiming to promote entrepreneurship.
He noted with satisfaction that women's participation in the scheme remains higher, including among SC and ST borrowers. This indicates a positive trend toward gender-inclusive economic growth.
Stand Up India Achievements
Stand Up India facilitates bank loans ranging from ₹10 lakh to ₹1 crore to help set up new enterprises in manufacturing, services, trading, or allied sectors. Since its launch in April 2016, the scheme has sanctioned an impressive 275,000 loans, with a total value of ₹62,000 crore. Nagaraju cited this data to underscore the scheme's substantial impact.
Banking Access and Fintech Support
The financial services secretary also outlined other critical efforts. He said the department is working to provide fintech companies with access to global markets through strategic trade deals. This initiative aims to boost India's fintech sector on the world stage.
Furthermore, Nagaraju emphasized the government's commitment to ensuring banking touchpoints reach every corner of the country. He reported that 99.9% of villages now have banking coverage. The remaining gaps, located in difficult terrain like parts of Arunachal Pradesh, will be addressed by establishing banking touchpoints within a five-kilometre radius.
Vision for the Future
Summing up the government's approach, Nagaraju stated that financial inclusion is a key driver for economic growth and poverty alleviation. He explained that it creates a powerful multiplier effect, benefiting a larger segment of the economy.
Commenting on expectations for the upcoming Budget 2026, Vivek Iyer, Partner and Financial Services Risk Leader at Grant Thornton Bharat, offered a forward-looking perspective. "India now needs a financial architecture that can handle volatility while encouraging innovation," he said. Iyer suggested that the government's focus should shift from purely expanding credit access to improving the quality, resilience, and intelligence of the credit and savings ecosystem.
This comprehensive strategy, combining global expansion of UPI with robust domestic financial inclusion programs, charts a clear path for India's digital and economic future.
