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Tuesday, July 16, 2024

After France, UPI Services To Be Launched In Sri Lanka, Mauritius Today

Sri Lanka and Mauritius will become the latest nations to enable the Indian digital payment system, only a week after France enabled the Unified Payments Interface (UPI). RuPay cards will also be launched in Mauritius today.

Prime Minister Narendra Modi will attend the inaugural event digitally with his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe at 1 p.m.

“Given India’s robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries,” stated the office of the prime minister.

UPI will be available for use by Indian visitors to these two nations, as well as by Mauritanian travelers to India, for making payments. The expansion of RuPay services would also allow Mauritian banks to issue RuPay cards and use them for payments in both India and Mauritius.

“India has emerged as a global leader in fintech innovation and digital public infrastructure. “The Prime Minister has placed a strong emphasis on sharing our development experiences and innovations with partner countries,” the government stated.

UPI was launched on February 2 at the Eiffel Tower in Paris during the Republic Day event, which the government described as part of PM Modi’s “vision of taking UPI global”.

In India, the UPI is a mobile-based payment system that allows payments to be made around the clock using a virtual payment address. It consolidates several financial functions into a single app and powers numerous bank accounts under one roof.

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