India (Commonwealth Union)_ India’s Unified Payment Interface (UPI) services extend to Sri Lanka and Mauritius, marking a significant stride in regional financial integration. The launch, scheduled for a virtual ceremony on Monday, will be graced by the presence of Prime Minister Narendra Modi alongside key figures from the two island nations. The Ministry of External Affairs (MEA) has confirmed the inclusion of India’s RuPay card services in the launch event, with the Prime Minister of Mauritius, Pravind Jugnauth, and Sri Lanka’s President, Ranil Wickremesinghe, joining Modi via video conference at 1 pm.
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In Sri Lanka, UPI will integrate with Lanka Pay, paving the way for seamless digital transactions within the Sri Lankan market. The MEA outlined the participation of Modi, Wickremesinghe, and Jugnauth in the ceremonial inauguration of UPI services in Sri Lanka and Mauritius, alongside the introduction of RuPay card services in Mauritius, all slated for February 12 at 1 PM. The statement read, “Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe, and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius on February 12 at 1 PM via video conferencing”.
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Developed by the National Payments Corporation of India (NPCI), UPI stands as a pioneering real-time payment system, enabling swift inter-bank transactions through mobile devices. Meanwhile, RuPay, as a globally recognized card payment network originating from India, boasts widespread acceptance at various points of sale, ATMs, and online platforms. The decision to introduce these Indian financial services in Sri Lanka and Mauritius underscores New Delhi’s commitment to fostering stronger economic ties with its regional partners. The MEA highlighted India’s leadership in Fintech innovation and the Digital Public Infrastructure domain, emphasizing the Prime Minister’s dedication to sharing developmental expertise and innovations with allied nations.
Given the robust cultural and interpersonal connections between India, Sri Lanka, and Mauritius, the launch of UPI and RuPay services promises to enhance digital connectivity and streamline financial transactions across borders. Notably, this initiative is expected to benefit a diverse spectrum of individuals, offering them a faster and more seamless digital payment experience. Furthermore, the extension of RuPay card services in Mauritius is anticipated to empower local banking institutions to issue RuPay-based cards, facilitating transactions both within Mauritius and India. This move aligns with India’s broader vision of promoting financial inclusivity and interoperability on a global scale.
The launch of UPI services in Sri Lanka and Mauritius follows a similar initiative in Singapore in February 2022, where Prime Minister Modi and his Singaporean counterpart, Lee Hsien Loong, inaugurated cross-border connectivity between UPI and PayNow through video conferencing. This linkage facilitated swift and cost-effective fund transfers between India and Singapore, solely based on phone numbers. Additionally, PhonePe, a prominent player in India’s digital payment landscape, has expanded its reach internationally, enabling payments abroad. Notably, all international merchant outlets in the UAE, Singapore, Mauritius, Nepal, and Bhutan, equipped with local QR codes, are now supported by PhonePe’s services, further bolstering India’s presence in the global fintech arena.
