By: Aditya Ahuja
In a landmark development, India’s Unified Payments Interface (UPI) technology is set to be launched in Sri Lanka and Mauritius on February 12.
Prime Minister Narendra Modi, alongside the President of Sri Lanka, H.E Ranil Wickremesinghe, and Prime Minister of Mauritius, H.E. Pravind Jugnauth, will witness the launch of UPI services in Sri Lanka and Mauritius, along with the introduction of RuPay card services in Mauritius.
The virtual ceremony is scheduled to take place at 1 PM.
India, recognized as a global leader in Fintech innovation and Digital Public Infrastructure, is extending its digital prowess to partner countries. PM Modi has emphasized the importance of sharing India’s developmental experiences and innovations, aligning with the nation’s commitment to fostering global cooperation.
This launch is set to benefit a diverse range of individuals in Sri Lanka and Mauritius, leveraging India’s strong cultural and people-to-people linkages with these nations.
The primary goal is to provide a faster, seamless digital transaction experience and enhance digital connectivity between the participating countries.
One of the notable outcomes of this initiative is the availability of UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India. This move reflects the global trend towards promoting digital transactions and facilitating cross-border financial activities.
Furthermore, the extension of RuPay card services in Mauritius holds significant implications for the country’s financial landscape. Mauritian banks will now have the capability to issue cards based on the RuPay mechanism, empowering citizens with a versatile tool for digital transactions.
Additionally, this development will facilitate the usage of RuPay cards for settlements both in India and Mauritius.
