Ireland is actively exploring how India's Unified Payments Interface (UPI) growth could benefit European markets, according to Sean McWilliams, Head of Fintech & Payments at IDA Ireland. Speaking at the Global FinTech Festival in Mumbai, McWilliams expressed particular interest in understanding how UPI's rapid expansion in India could have relevance for Ireland and the European Union. As reported by IANS, McWilliams noted that countries worldwide are seeking ways to make payments more accessible, seamless and user-friendly, making UPI's success story particularly relevant for international consideration. "UPI is obviously a key part of India's payments ecosystem, and I'm very interested in learning more about it," McWilliams said, noting he was particularly interested in examining how the growth of UPI in India could be relevant to Ireland and the European Union and whether there were potential areas of convergence with fintech developments in Ireland.
McWilliams' visit to India was specifically designed to understand key trends and growth opportunities in the country's fintech and payments ecosystem, while exploring how Ireland could support Indian companies seeking international expansion. According to the report, Ireland is positioned to offer several advantages to Indian companies looking to diversify their operations globally. "I think Ireland offers a number of key factors that would be attractive to Indian companies looking to grow globally and diversify their international operations," McWilliams said, highlighting Ireland's strategic positioning for Indian companies seeking global expansion.
Ireland has launched a national AI strategy aimed at developing the country as both a national and international AI hub, focusing on emerging technologies, developing skills and talent, and creating an environment for responsible and well-regulated AI development. As reported by IANS, Ireland is set to host an international AI summit on October 14 as part of its EU presidency this year, bringing together leading companies, policymakers and international thought leaders to discuss AI trends and opportunities. McWilliams emphasized that "Ireland has a long track record of innovation in financial services, and AI is now the next key opportunity for companies, from global fintech multinationals to fast-growing startups, to harness technology and drive their international growth." The summit will showcase Ireland's position as an AI hub while discussing key AI trends, challenges and opportunities.
India's UPI has achieved unprecedented success, processing a record 24.51 billion transactions worth ₹29.82 trillion in August 2026, with nearly 800 million transactions every day or 9,150 transactions every second. According to recent reports, UPI has transformed from a simple payment method to a global app on mobile phones, making it difficult to find Indians who don't use UPI for routine purchases. The payment system has become so ubiquitous that it's now common to see people scanning QR codes at grocery stores, restaurants, and even medical facilities. "UPI has formed the way India pays," as noted by industry experts, with the system now handling payments for everything from small purchases of ₹50 or ₹200 to major transactions. This rapid adoption demonstrates the effectiveness of India's digital payment infrastructure and provides valuable insights for Ireland's fintech development strategy.
