India’s cutting-edge Unified Payment Interface (UPI) technology was officially introduced in Sri Lanka and Mauritius on Monday, marking a crucial milestone in digital connectivity between the three countries.
The virtual launch event was attended by Prime Minister Narendra Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe. Additionally, the launch included the initiation of RuPay card services in Mauritius.
The extension of RuPay card services in Mauritius will empower Mauritian banks to issue cards based on the RuPay mechanism, facilitating the use of RuPay Cards for settlements in both India and Mauritius. This move aligns with India’s commitment to sharing its fintech innovations and Digital Public Infrastructure experiences with partner countries.
Given the strong cultural and people-to-people linkages between India, Sri Lanka, and Mauritius, the launch is anticipated to benefit a diverse population through an expedited and seamless digital transaction experience, enhancing digital connectivity among the nations.
Prime Minister Modi said, “Today is a special day for three friendly countries in the Indian Ocean region. Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people”. He emphasized that fintech connectivity would not only strengthen cross-border transactions but also foster broader cross-border connections.
PM Modi underscored the transformative impact of India’s UPI and Digital Public Infrastructure, noting that even the smallest villages in India have experienced revolutionary changes due to the convenience and speed of these technologies. He shared that in 2023, a remarkable 100 billion transactions valued at Rs 2 trillion were conducted via UPI.
The UPI system, India’s mobile-based fast payment system, enables customers to make instantaneous round-the-clock payments using a Virtual Payment Address (VPA) created by the customer. Its popularity for retail digital payments in India has surged, and the government is keen on extending its benefits beyond national borders.
(Inputs from ANI)