UPI services to be launched in Sri Lanka, Mauritius

PM Narendra Modi, Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe will participate in the virtual launch

February 12, 2024

The move aligns with New Delhi's increasing bilateral economic ties with Sri Lanka and Mauritius

The Ministry of External Affairs (MEA) highlighted India's leadership in Fintech innovation and Digital Public Infrastructure

The launch aims to enhance digital connectivity between India, Sri Lanka, and Mauritius, offering faster and seamless digital transaction experiences for diverse people

The UPI services will facilitate settlements for Indian and Mauritian nationals travelling between the countries

India’s Unified Payment Interface (UPI) services are set to be introduced in Sri Lanka and Mauritius, with the participation of Prime Minister Narendra Modi and top leadership from both island nations. Additionally, India’s RuPay card services will be launched in Mauritius during the event, where the Prime Minister of Mauritius, Pravind Jugnauth, and the President of Sri Lanka, Ranil Wickremesinghe, will join Modi, according to the Ministry of External Affairs (MEA).

Expanding Indian services into Sri Lanka and Mauritius aligns with New Delhi’s growing bilateral economic relations with these countries. The MEA highlighted India’s leadership in Fintech innovation and Digital Public Infrastructure, reflecting the Prime Minister’s commitment to sharing developmental experiences and innovation with partner nations.

The launch is expected to benefit a diverse range of people through faster and seamless digital transactions, enhancing digital connectivity between India, Sri Lanka, and Mauritius. The UPI settlement services will cater to Indian nationals travelling to Sri Lanka and Mauritius and Mauritian nationals travelling to India.

The extension of RuPay card services in Mauritius will empower Mauritian banks to issue cards based on the RuPay mechanism within the country, facilitating the use of RuPay cards for settlements in both India and Mauritius. The virtual ceremony, witnessing the launch of UPI and RuPay services, will take place on February 12 at 1 PM via video conferencing, with participation from leaders of the respective countries. UPI, developed by the National Payments Corporation of India (NPCI), facilitates instant real-time payment transactions through mobile phones. At the same time, RuPay is a globally accepted card payment network from India, widely used at shops, ATMs, and online platforms.

Source: Indian Express

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