3, March, 2024
HomeBusinessIndia's UPI Revolution Goes Global: RuPay Card Services Launched in Sri Lanka and Mauritius

India’s UPI Revolution Goes Global: RuPay Card Services Launched in Sri Lanka and Mauritius

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In a groundbreaking move, India’s Unified Payment Interface (UPI) services are set to make waves on the international stage with a virtual ceremony today.

Read Also | Budget 2024: Reduction in Incentives for RuPay Debit Cards and Low-Value UPI Transactions Raises Concerns

Prime Minister Narendra Modi, along with Sri Lanka’s President Ranil Wickremesinghe and Mauritius’ Prime Minister Pravind Jugnauth, will witness the launch of UPI services in both Sri Lanka and Mauritius. Additionally, India’s RuPay card services will be introduced in Mauritius during this significant event.

The ceremony, scheduled for February 12 at 1 PM, marks a crucial step in the global expansion of UPI, developed by the National Payments Corporation of India (NPCI). UPI is an instantaneous real-time payment system that facilitates inter-bank transactions through mobile phones. Meanwhile, RuPay, India’s globally accepted card payment network, will now extend its reach to Mauritius.

The launch comes against the backdrop of India’s strengthening bilateral economic ties with Sri Lanka and Mauritius. The Ministry of External Affairs (MEA) emphasizes India’s emergence as a leader in Fintech innovation and Digital Public Infrastructure, with PM Modi actively promoting the sharing of development experiences and innovation with partner countries.

The cross-border launch is expected to benefit a diverse range of people, fostering faster and seamless digital transactions between India, Sri Lanka, and Mauritius. Notably, it will provide UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India.

The extension of RuPay card services in Mauritius is a significant move, allowing Mauritian banks to issue cards based on the RuPay mechanism. This development facilitates the usage of RuPay cards for settlements in both India and Mauritius, contributing to enhanced digital connectivity between the two nations.

PhonePe, India’s largest UPI app, has played a pivotal role in the success of the UPI payment system, securing substantial funding ahead of its upcoming initial public offering (IPO). With the popularity of UPI skyrocketing for retail digital payments in India, its adoption is expected to witness a rapid increase, solidifying its position as India’s leading mobile-based fast payment system.

Read Also | Mauritius Grapples with Flash Flooding: Cyclone Belal Submerges Cars, Leaves Destruction in Its Wake

As India’s UPI and RuPay card services venture into new territories, the launch signifies a pivotal moment in the global digital payments landscape, promising a seamless and efficient transaction experience for users across borders.

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