In a visionary move aimed at deepening regional economic ties, Prime Minister Narendra Modi proposed the integration of India’s Unified Payments Interface (UPI) with the financial systems of BIMSTEC member countries at the 2025 summit held in Bangkok.
The initiative seeks to enhance financial inclusion, transparency, and cross-border trade, providing a major boost to digital connectivity in the Bay of Bengal region. PM Modi emphasized that a unified digital payment network across BIMSTEC would create significant value in trade, tourism, and industry, empowering both consumers and businesses.
India’s UPI has already seen successful rollouts in Bhutan, Nepal, Sri Lanka, and Mauritius, where it is facilitating real-time, secure, and cost-effective transactions. PM Modi noted that UPI is evolving beyond a domestic payment system to become a tool for “Uniting Partners with India”, serving as a bridge for fintech collaboration and deeper people-to-people ties.
In addition to the UPI proposal, the Prime Minister also called for the establishment of a BIMSTEC Chamber of Commerce and the organization of an annual BIMSTEC Business Summit, aimed at fostering stronger business-to-business engagement and economic integration among the seven member nations.
These proposals are aligned with India’s ‘Neighbourhood First’ policy and the maritime doctrine of ‘SAGAR’ (Security and Growth for All in the Region), reinforcing the country’s commitment to collective growth and sustainable development in the region.
The BIMSTEC nations—Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand—have welcomed the proposals, viewing them as strategic steps toward creating a digitally empowered, economically vibrant regional bloc.
