tl;dr
Indian Prime Minister Narendra Modi has proposed integrating India’s United Payments Interface (UPI) with the payment systems of BIMSTEC member countries to enhance trade, commerce, and tourism in the region. The UPI is recognized as one of the world’s most successful real-time payment systems and h...
In an effort to strengthen the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) alliance, Indian Prime Minister Narendra Modi has suggested integrating India’s United Payments Interface (UPI) with the payment systems of member countries, potentially enhancing trade, commerce, and tourism across the region.
“For regional development, physical connectivity must go hand in hand with digital and energy connectivity,” Modi said during the 6th BIMSTEC Summit in Bangkok on April 4. “I would also like to propose establishing connectivity between India’s Unified Payments Interface (UPI) and the payment systems of BIMSTEC member states. Such integration would bring substantial benefits across trade, industry, and tourism, enhancing economic activity at all levels,” Modi announced.
“India’s Digital Public Infrastructure (DPI) has revolutionized the delivery of public services. It has significantly enhanced good governance, increased transparency, and accelerated financial inclusion. We would be happy to share our DPI experience with BIMSTEC member states. To take this forward, a pilot study could be undertaken to better understand the specific needs and priorities of BIMSTEC countries in this area,” Modi added.
India’s flagship UPI, an example of effective Digital Public Infrastructure (DPI), is recognized as one of the world’s most successful real-time payment systems. UPI is a system that integrates multiple bank accounts into a single mobile app from any participating bank, combining various banking features, seamless fund transfers, and merchant payments into one platform. It has revolutionized financial transactions, making them quicker, safer, and more convenient while empowering individuals, small businesses, and merchants.
UPI has played a key role in pushing India’s digital transformation. In 2024, it facilitated approximately 172 billion transactions, reflecting a 46% increase from 117.64 billion in 2023. This growth highlights the country’s cultural shift toward greater financial inclusion, with UPI as a foundational element.
Modi said that BIMSTEC is a vital bridge between South and Southeast Asia and is a powerful platform for advancing regional connectivity, cooperation, and shared prosperity. “It is a matter of great satisfaction that the BIMSTEC Charter came into force last year. I am confident that the Bangkok Vision 2030, which we are adopting today, will further our collective commitment to building a prosperous, secure, and inclusive Bay of Bengal region,” he said.
“To further strengthen BIMSTEC, we must continue to expand its scope and enhance its institutional capacities. It is encouraging to note that the Home Ministers’ mechanism is being institutionalized. This forum can play a major role in the fight against cybercrime, cybersecurity threats, terrorism, drug trafficking, and human trafficking. In this regard, I propose that India host the first meeting of this mechanism later this year,” Modi added.
Bengaluru-based BIMSTEC Energy Centre has commenced operations, with Modi proposing to accelerate efforts to achieve electric grid interconnection across the region. “The strides made by Indian scientists in the field of space are a source of inspiration for youth across the Global South. We are ready to share our expertise and experience with all BIMSTEC member states. In this regard, I propose the establishment of a ground station for manpower training, the development and launch of nano-satellites, and use of remote sensing data for the BIMSTEC countries,” Modi announced.
The Prime Minister also suggested creating a BIMSTEC Chamber of Commerce, organizing annual business summits, and exploring trade promotion using local currencies within the region. “For us, BIMSTEC is not merely a regional organization. It is a model for inclusive development and collective security. It stands as a testament to our shared commitments and the strength of our unity…I extend a warm welcome to Bangladesh as the incoming Chair of BIMSTEC and convey my best wishes for its successful leadership,” Modi added.