India has successfully launched its Unified Payment Interface (UPI) services in Sri Lanka and Mauritius. RuPay card services were also introduced in Mauritius as part of this strategic initiative.
The first UPI transaction was carried out by an Indian in Sri Lanka. The virtual ceremony was attended by Mauritian Prime Minister Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe alongside Indian Prime Minister Narendra Modi.
The UPI services, crafted by the National Payments Corporation of India (NPCI), represent an instant real-time payment system designed to facilitate inter-bank transactions through mobile phones. On the other hand, RuPay is a globally recognized card payment network originating from India, with widespread acceptance at various points of sale, ATMs, and online platforms.
This launch aligns with New Delhi's expanding bilateral economic ties with Sri Lanka and Mauritius, marking a significant step towards strengthening digital connectivity and financial collaboration between these nations. The Ministry of External Affairs (MEA) emphasized India's leadership in Fintech innovation and Digital Public Infrastructure, with the Prime Minister prioritizing the sharing of development experiences and innovation with partner countries.
Highlighting India's robust cultural and people-to-people connections with Sri Lanka and Mauritius, the MEA said that the launch would bring about faster and seamless digital transaction experiences, benefiting a diverse cross-section of individuals. Moreover, the introduction of UPI settlement services will facilitate transactions for Indian nationals traveling to Sri Lanka and Mauritius, as well as Mauritian nationals traveling to India.
The extension of RuPay card services in Mauritius is a noteworthy development, enabling Mauritian banks to issue cards based on the RuPay mechanism. This move is expected to facilitate the usage of RuPay cards for settlements in both India and Mauritius, fostering enhanced financial integration between the two countries.
The Modi government has been successfully pushing for a global acceptance of UPI. Earlier in the month, UPI services were enabled at the Eiffel Tower in Paris, France. Indian visitors can use their UPI-enabled application to make a payment by scanning a QR code on the Eiffel Tower website.
In February of last year, a link between UPI and PayNow was introduced by India and Singapore. Through virtual payment addresses, mobile numbers can now be used to transmit money from Singapore to India and from India to Singapore.
