Prime Minister Narendra Modi will inaugurate the Global Fintech Fest (GFF) 2026 in Mumbai on September 8, bringing together policymakers, regulators, financial institutions, technology companies, startups and investors to discuss the next phase of global financial innovation.

The seventh edition of the Global Fintech Fest will be held from September 8 to 11, 2026, at the Jio World Centre in Mumbai's Bandra Kurla Complex (BKC). According to the Prime Minister's Office programme released by the Press Information Bureau, Modi is scheduled to inaugurate the event at around 5:45 pm on September 8 and address the gathering. 

AI, Tokenisation and Quantum Technologies in Focus

The central theme of GFF 2026 is “Potential to Impact: Agentic AI, Tokenisation, Quantum - Trusted, Connected, Global Systems for Inclusive Finance.” The organisers have structured the theme around three technologies that are increasingly influencing financial services: agentic artificial intelligence, tokenisation and quantum technologies. 

The event's theme focuses on moving beyond technological experimentation and translating emerging technologies into practical applications across financial services. The organisers say the convergence of these technologies could contribute to more intelligent, programmable and secure financial systems.

What Agentic AI Means for Finance

One of the three major pillars of GFF 2026 is Agentic AI, which refers to AI systems capable of handling complex tasks and coordinating financial workflows with greater autonomy.

The official GFF programme highlights potential applications including personalised financial services, real-time decision-making, fraud prevention, regulatory oversight and automated workflows, while stressing the importance of governance and human oversight.

Tokenisation and the Future of Digital Assets

Tokenisation is another key focus of this year's conference. The concept involves representing assets as digital units that can be programmed, divided and transferred through digital infrastructure.

According to the GFF organisers, tokenisation could have implications for payments, capital markets, asset ownership and settlement by making financial and other assets more programmable and potentially improving access to global markets. 

Quantum Technology and Financial Security

The third pillar, Quantum, places emphasis on the future of computing, cybersecurity and financial infrastructure. The organisers have highlighted areas such as quantum-safe cryptography, risk optimisation and the long-term resilience of financial systems.

The focus reflects growing attention within the financial sector to technologies that could influence both computational capabilities and the security of digital financial infrastructure.

Global Fintech Leaders to Converge in Mumbai

GFF 2026 describes itself as a global platform bringing together policymakers, central bankers, regulators, financial institutions, technology companies, startups and investors to discuss the future of finance. 

The event's programme also covers areas including digital transformation, sustainable climate finance, investment strategies, operational resilience, risk and compliance, data governance, rural finance and changing customer behaviour.

Four-Day Event from September 8 to 11

The Global Fintech Fest will continue through September 11 at the Jio World Centre in Mumbai. Alongside discussions and sessions, the event includes startup investment pitches, innovation programmes, product demonstrations and networking opportunities. 

With emerging technologies increasingly shaping payments, lending, investments and financial security, GFF 2026 is set to place the question of how innovation can translate into broader and more inclusive financial impact at the centre of discussions in Mumbai.

As UPI completes a decade, Prime Minister Narendra Modi highlighted its scale and reach, while official data shows a sharp rise in transaction volumes and value since 2016.

Prime Minister Narendra Modi on Tuesday marked 10 years of the Unified Payments Interface (UPI), describing the platform as a “major turning point” in India's digital payments journey and urging users to share how it has changed their everyday lives. The milestone comes as UPI has grown from a limited banking initiative into a central part of India's digital payments ecosystem. 

In a post on X, Modi said the scale and reach achieved by UPI were something every Indian could be proud of. He also invited people to share their experiences of using the platform and its impact on their lives. 

From Pilot to Mass Payments

UPI was launched by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI). The system initially began with 21 banks and has since expanded across India's banking and digital commerce ecosystem.

According to government data, annual UPI transaction volume rose from around 2 crore transactions in 2016-17 to more than 24,162 crore in 2025-26. Transaction value increased from about ₹0.07 lakh crore to nearly ₹314 lakh crore over the same period. 

The figures underline how rapidly digital payments have moved into routine transactions, ranging from person-to-person transfers to payments at physical and online merchants.

Record Scale in 2025-26

The Union Finance Ministry said UPI processed 24,161.69 crore transactions during 2025-26, with a total value of about ₹314 lakh crore. There were 703 active banks on the platform as of March 2026. 

March 2026 recorded UPI's highest monthly transaction volume at 2,264 crore transactions, while the monthly transaction value reached ₹29.53 lakh crore, according to the government's decade review. 

The platform accounted for about 85 per cent of India's digital payment transactions by volume in 2025-26, according to the Finance Ministry's data.

UPI's Global Expansion

UPI's growth has also extended beyond India's borders. The payment infrastructure has increasingly been adopted for cross-border payments and by countries seeking to enable UPI-based transactions for Indian travellers and other users.

The government has described UPI as the world's largest real-time payment system by transaction volume, citing its scale and interoperability. Official data also puts India's share of global real-time payment transaction volume at around 49 per cent in 2025. 

The expansion has made UPI an important component of India's broader Digital Public Infrastructure and an increasingly visible element of the country's digital diplomacy.

What Changed for Users

For consumers, UPI brought multiple banking functions into a single interoperable payment framework, allowing users to transfer money directly between bank accounts and make merchant payments using participating applications.

Its rapid adoption has also reduced the dependence on cash for many small-value transactions. QR-code payments have become common across shops, service providers and other businesses, allowing even small merchants to accept digital payments without requiring conventional card-payment infrastructure.

A Decade of Digital Payments

The 10-year milestone comes as India continues to expand its digital public infrastructure across banking, government services and commerce. UPI's trajectory has been closely associated with that wider shift towards real-time, interoperable digital services.

The next phase will involve expanding the system's international footprint, improving digital payment capabilities and ensuring that its growth remains accessible across different sections of the population.

For now, the decade milestone offers a measure of how dramatically India's payment habits have changed since UPI's public rollout in 2016.

The Lok Sabha has passed the Taxation and Other Laws (Amendment) Bill, 2026, paving the way for the government to introduce charges on certain digital payment modes, including the Unified Payments Interface (UPI), in the future. However, the amendment does not impose any immediate fee on UPI transactions.

The legislative change gives the Centre the authority to notify specific electronic payment systems where transaction charges may be levied at a later stage. Any decision on the nature, rate and applicability of such charges will require a separate government notification.

No Immediate Charges on UPI

The biggest takeaway for consumers is that UPI transactions remain free for now. The amendment only creates a legal framework that allows the government to introduce charges in the future if considered necessary.

Users can continue making UPI payments without paying any transaction fee, while the existing payment experience remains unchanged.

What Has Changed in the Law?

The amendment revises provisions of the Payment and Settlement Systems Act, 2007, removing the earlier legal restriction that prevented banks and payment service providers from charging a Merchant Discount Rate (MDR) on specified electronic payment modes.

Previously, Section 10A of the Act barred banks and payment operators from levying charges on electronic payment modes prescribed under Section 269SU of the Income Tax Act.

With the revised law, the government now has the flexibility to notify one or more digital payment modes where charges could be introduced in the future.

Who Could Pay the Charges?

Industry discussions have largely centred on the Merchant Discount Rate (MDR), a fee that merchants pay to banks and payment companies for processing digital transactions.

Experts believe that if charges are introduced, they are more likely to apply to merchant transactions rather than routine person-to-person UPI transfers.

However, the government has not announced any framework specifying who would bear the cost or what the charges could be.

Why Is the Change Being Considered?

UPI has become one of the world's largest real-time payment networks, handling billions of transactions every month. While the platform has significantly expanded digital payments and financial inclusion, banks and fintech companies have argued that maintaining the infrastructure involves substantial expenditure.

Payment service providers continue to invest heavily in cybersecurity, fraud prevention, technology upgrades and transaction processing systems. Industry stakeholders have repeatedly called for a sustainable revenue model to support the growing digital payments ecosystem.

Reserve Bank of India Governor Sanjay Malhotra has also recently observed that maintaining payment infrastructure requires continued investment and that a long-term funding mechanism would eventually be necessary.

Will Everyday Users Be Affected?

At present, there is no indication that ordinary UPI users making daily peer-to-peer transactions will be charged.

The government will decide in the future whether any category of digital payments should attract fees and, if so, under what conditions.

UPI's rapid success has largely been driven by its simple, free-to-use model. Analysts believe any future charging mechanism is likely to be carefully designed to avoid discouraging digital payment adoption, particularly among small merchants and individual consumers.

For now, the amendment primarily gives policymakers the flexibility to design a sustainable funding model for India's rapidly expanding digital payments infrastructure without immediately changing how consumers use UPI.

PhonePe IPO Roadshow: A $15 Billion Gamble on India's Fintech Future

Walmart, the largest shareholder, will sell about 9% of its stake, while early backers Microsoft and Tiger Global will cash out completely.  

Image: A visual representation of a smartphone with the PhonePe logo, with financial growth charts and the Indian stock exchange index in the background.

PhonePe, India's undisputed leader in digital payments, has officially fired the starting gun on its journey to the stock market. With a fresh regulatory green light in hand, the company has filed updated papers for what is poised to be one of the country's most significant fintech listings, targeting a blockbuster valuation of around $15 billion. This PhonePe IPO is more than just a listing; it's a major liquidity event for its powerful backers and a critical test of investor appetite for a high-growth, yet loss-making, consumer tech champion.

 The Investor Exit Strategy: Who's Cashing Out?

The structure of the offering tells a clear story. The PhonePe IPO is a pure Offer for Sale (OFS) of up to 5.06 crore shares. This means the company itself will not raise any fresh capital. Instead, the entire ₹12,000 crore (approx. $1.35 billion) proceeds will go directly to the selling shareholders.

   Walmart's Strategic Trim: Through its entity WM Digital Commerce Holdings, the US retail giant is the promoter and will remain the dominant force, selling 4.59 crore shares (about 9% of its holding). Post-IPO, Walmart will retain a controlling stake of over 62%.

   Complete Exits for Early Backers: In a clean break, both Microsoft and Tiger Global are selling their entire holdings in the company through the offer. This marks the full exit of these early investors via the public market.

The Financial Contradiction: Soaring Revenue Meets Mounting Losses

Ahead of its debut, PhonePe presents a financial picture of powerful growth shadowed by significant losses.

Recent Financial Performance at a Glance:

| Period | Revenue from Operations | Year-on-Year Growth | Reported Net Loss |

| Full Year FY25 | ₹7,114.8 crore | 40.5% | ₹1,727.4 crore |

| First Half of FY26 | ₹3,918.5 crore | 22.2% | ₹1,444.4 crore |

While the company highlights strong adjusted profitability (Profit After Tax excluding ESOP costs tripled to ₹630 crore in FY25), the reported bottom line is deep in the red. A major factor is the massive ₹2,357 crore in non-cash, share-based payment expenses incurred in FY25, which are a recurring cost linked to employee retention.

 The Core Engine: Unrivaled Market Dominance

The cornerstone of PhonePe's valuation is its formidable position in India's digital payments ecosystem. It is the UPI market leader, commanding a dominant share of nearly 50% by transaction value. The platform boasts staggering scale:

   Over 650 million registered users.

   Nearly 50 million merchant partners.

   Processes billions of transactions monthly, with a remarkably high user retention rate of 99.23%.

 Beyond Payments & Looming Risks

PhonePe is aggressively diversifying its revenue streams beyond payment processing. Its new business segments, like the stockbroking platform Share.Market and the Indus Appstore, are gaining traction but remain heavily loss-making, funded by the cash flows from the core payments business.

However, a significant regulatory cloud hangs over its main business. The National Payments Corporation of India (NPCI) has proposed a 30% volume cap for third-party UPI apps. PhonePe's current ~50% share far exceeds this threshold. While enforcement is deferred until December 2026, this rule remains a key risk factor disclosed in its prospectus.

 Key Takeaways for the Market

1.  A Benchmark for Fintech: As the largest pure-play payments IPO since Paytm, PhonePe's listing will set a crucial valuation benchmark for India's fintech sector.

2.  Investor Confidence Test: The market's reception will test confidence in a "growth-over-profits" narrative, especially as losses continue to widen in the short term.

3.  Regulatory Watch: All eyes will be on how PhonePe navigates the looming UPI market share cap, which could force a fundamental shift in its growth strategy.

With leading global banks like Morgan Stanley, Goldman Sachs, and JP Morgan managing the issue, the PhonePe IPO is set to be a defining moment for India's public markets in 2026. It presents a high-stakes bet on whether India's most-used payments app can translate its massive user base into sustainable profitability for public shareholders.