India is positioning itself to become a major exporter of digital financial services, leveraging its extensive fintech experience to diversify beyond traditional IT and professional services exports. Commerce Secretary Rajesh Agrawal emphasized this opportunity at the Global Fintech Fest 2026, stating that India's transition from a cash-based economy to digital transactions over the past decade has created unique experience that can be adapted for global markets. The country's Unified Payments Interface (UPI) exemplifies successful digital public infrastructure, combining identity, consent, and data technology to deliver financial inclusion while reducing transaction costs. As Agrawal noted, this experience can be shared with developing nations worldwide, particularly in Asia, Africa, and Latin America that face similar challenges including large informal sectors, cash dependence, and limited financial access outside urban centers.
Razorpay CEO Harshil Mathur outlined an ambitious vision for India's fintech sector at the Global Fintech Fest 2026, stating that the country's leadership in real-time payments could foster several billion-dollar fintech companies capable of serving global markets. Speaking during a session, Mathur cited the emergence of big tech companies like Google and Amazon from the US due to the country's internet leadership, suggesting a similar trajectory for India's fintech ecosystem. He emphasized that 49% of all real-time payments in the world are happening through India, creating massive opportunities for Indian companies to capture growth in other parts of the world. Mathur highlighted that India has a unique mechanism where policymakers and regulators set the base rail while private players build solutions on top of it, unlike any other country. As reported by The Hindu BusinessLine, Mathur expressed hope that other parts of the world capture significant growth, stating "We feel proud that 49 per cent of all real-time payments in the world are happening through India, and it's great. But I hope that other parts of the world capture a lot of the growth."
India's digital payment ecosystem has achieved remarkable scale, claiming 49% of the global share in digital transactions, according to reports from The Economic Times. However, as the country moves beyond access and scale milestones, the focus is shifting to trust as the next critical challenge. According to Suresh Sethi, Group Country Manager, India and South Asia, Visa, this represents an 'invisible' milestone that is far more fundamental than what has been accomplished thus far. The Global Fintech Fest 2026 in Mumbai, scheduled for September 9-11, will explore this transition as the industry enters the third phase of digital payments development.
Mathur identified significant opportunities in emerging markets, particularly in South East Asia, where countries are pushing real-time payments deeply. He noted that these markets face similar challenges to India's early days, including fragmented markets with multiple languages and limited internet penetration. The card penetration in these markets is not as deep, creating conditions similar to India's UPI birth and growth period. Regarding AI applications, Mathur acknowledged that while AI creates powerful opportunities and makes ecosystems far more efficient, it also brings new risks. He emphasized that the outcome should not be to slow down AI deployment but to accelerate defensive measures alongside technology advancement. As reported by The Hindu BusinessLine, Mathur stated that "It is one of the most powerful technologies we have ever created. I think it solves for a lot of problems. It makes the ecosystem far more efficient, but at the same time, it comes with its own set of risks."
India's digital payment journey has progressed through three distinct phases, as reported by The Economic Times. The initial phase focused on access, connecting millions of citizens to the formal financial system through Aadhar, Jan Dhan, UPI, and digital connectivity infrastructure. The second phase achieved scale, with translation volumes surging 12,000 times over the last decade to reach the current 49% global market share in real-time digital transactions. The fest will be organized under the core theme of 'Agentic AI | Tokenisation | Quantum. Trusted, connected, Global Systems for Inclusive Finance' with a focus on building a resilient and inclusive financial ecosystem. Agrawal emphasized that India's recent growth in digitally delivered financial services shows the potential to export technology-enabled solutions to other markets, with fintech central to the diversification needed for sustainable long-term growth.
