- India’s Unified Payment Interface (UPI) services were officially launched in Sri Lanka and Mauritius, marking a historic moment.
- PM Modi expressed optimism that the UPI system would bring tangible benefits to Sri Lanka and Mauritius.
- PM Modi underscored India’s commitment to its “neighbourhood first policy,” highlighting the country’s unwavering support in times of crises.
- Developed by the National Payments Corporation of India (NPCI), UPI stands as a ground breaking real-time payment system facilitating seamless inter-bank transactions via mobile phones.
- The expansion of UPI and RuPay services beyond Indian borders not only enhances financial inclusivity but also strengthens economic connectivity and fosters people-to-people exchanges.
In a significant stride towards enhancing bilateral ties and embracing modern digital advancements, India’s Unified Payment Interface (UPI) services were officially launched in Sri Lanka and Mauritius, marking a historic moment lauded by Prime Minister Narendra Modi.
The inauguration ceremony, attended virtually by PM Modi, his Mauritian counterpart Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe, also saw the rollout of India’s RuPay card services in Mauritius.
Describing the occasion as a convergence of historical bonds and contemporary technology, PM Modi emphasized the significance of the new fintech services in fostering closer collaboration between the nations. He expressed optimism that the UPI system would bring tangible benefits to Sri Lanka and Mauritius.
PM Modi underscored India’s commitment to its “neighbourhood first policy,” highlighting the country’s unwavering support in times of crises, whether natural disasters, health emergencies, or economic challenges.
The deployment of Indian payment services in Sri Lanka and Mauritius reflects the deepening economic engagement between New Delhi and the two island nations. This initiative opens doors for UPI settlement services for Indian travellers visiting Sri Lanka and Mauritius, as well as for Mauritian nationals journeying to India.
Developed by the National Payments Corporation of India (NPCI), UPI stands as a ground-breaking real-time payment system facilitating seamless inter-bank transactions via mobile phones. Meanwhile, RuPay, India’s indigenous global card payment network, enjoys widespread acceptance at retail outlets, ATMs, and online platforms.
The expansion of UPI and RuPay services beyond Indian borders not only enhances financial inclusivity but also strengthens economic connectivity and fosters people-to-people exchanges. It underscores India’s commitment to leveraging digital innovations to bolster regional cooperation and promote shared prosperity across the Indian Ocean Region and beyond.
(With inputs from agencies)
