In a major push towards regional financial integration, Prime Minister Narendra Modi has proposed linking India’s Unified Payments Interface (UPI) with the payment systems of BIMSTEC countries. The proposal, made during the 2025 BIMSTEC Summit, could revolutionize cross-border transactions and enhance digital cooperation across South and Southeast Asia.

BIMSTEC, or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, includes seven member countries—India, Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar, and Thailand. Modi’s suggestion comes at a time when UPI is being globally recognized for its real-time, seamless, and secure digital payment capabilities.

"India is ready to share its FinTech innovations. Let’s work toward a seamless digital payments ecosystem across BIMSTEC," PM Modi said, emphasizing the role of digital economy in fostering regional partnerships.

If implemented, the move would:

  • Enable instant, low-cost cross-border payments

  • Promote financial inclusion across BIMSTEC nations

  • Facilitate trade and tourism through easy digital transactions

  • Strengthen regional economic interdependence

The UPI model, backed by India’s National Payments Corporation (NPCI), has already been adopted or considered by countries like Singapore, UAE, and France. Its proposed integration with BIMSTEC could set a precedent for other regional alliances to follow.

Experts believe such a digital alliance can reduce dependence on global banking networks like SWIFT for smaller transactions and empower local businesses and migrants with quicker, cheaper ways to send and receive money.

The proposal has been positively received, with several member nations expressing interest in studying the framework and its integration into their domestic systems. India has also offered technical assistance to build necessary infrastructure and ensure cybersecurity.

As the world shifts toward digital-first economies, India's offer could transform how South and Southeast Asia engage financially—with UPI at the heart of a shared future.