In a significant stride towards bolstering digital connectivity between nations, India has extended its Unified Payments Interface (UPI) and RuPay services to Mauritius and Sri Lanka. This move comes hot on the heels of the recent launch of UPI in France, marking India’s continued efforts to globalize its digital payment ecosystem.
Scheduled to be inaugurated virtually by Prime Minister Narendra Modi alongside Mauritian Prime Minister Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe, this expansion signifies a deepening of ties and a commitment to fostering seamless financial transactions among these nations.
Highlighting the significance of this initiative, Prime Minister Modi’s office emphasized, “Given India’s robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience.”
Under this arrangement, Indians traveling to Mauritius and Sri Lanka will now have the convenience of utilizing UPI for making payments, while Mauritians visiting India will also have access to this efficient payment system. Furthermore, the introduction of RuPay cards in Mauritius opens up avenues for smoother financial settlements between the two countries, empowering Mauritian banks to issue RuPay cards for transactions in both nations.
India’s emergence as a leader in Fintech innovation and Digital Public Infrastructure has paved the way for sharing its developmental experiences and technological advancements with partner countries. The government’s strong emphasis on this collaborative approach underscores its commitment to fostering digital inclusivity and financial empowerment globally.
The initial launch of UPI at the iconic Eiffel Tower in Paris exemplified PM Modi’s vision of taking India’s digital payment solutions global. Now, with the expansion to Mauritius and Sri Lanka, this vision takes another step towards fruition, promising enhanced digital connectivity and financial accessibility across borders.
In essence, UPI serves as a mobile-based payment system in India, facilitating round-the-clock transactions through virtual payment addresses. By consolidating multiple bank accounts into a single app and offering a wide array of banking features, UPI streamlines the payment process and enhances financial inclusion.
India’s endeavor to extend UPI and RuPay services to Mauritius and Sri Lanka not only strengthens bilateral ties but also underscores the nation’s commitment to spearheading inclusive and seamless digital financial ecosystems on a global scale.