New Delhi: India’s instant payment technology service, the Unified Payment Interface (UPI), was launched on Monday in Sri Lanka and Mauritius in a virtual event that was attended by Prime Minister Narendra Modi, his Mauritius counterpart Pravind Jugnauth and President of Sri Lanka Ranil Wickremesinghe.
Also, RuPay card services were also launched in Mauritius on Monday.
The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and facilitate usage of RuPay Card for settlements both in India and Mauritius.
India, which has emerged as a leader in fintech innovation and Digital Public Infrastructure placed a strong emphasis on sharing its development experiences and innovation with partner countries.
Given India’s robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch is expected to benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries.
Today’s launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and the Mauritius as well as for Mauritian nationals travelling to India.
Addressing the occasion via video conferencing, PM Modi said it was an important event for three countries in the Indian Ocean region.
“Today is a special day for three friendly countries in the Indian Ocean region. Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people,” PM Modi said.
He said fintech connectivity will not only strengthen cross-border transactions but also cross-border connections.
“FinTech connectivity will not only boost cross-border transactions but also connections. India’s UPI (Unified Payment Interface) is now playing the role of ‘Uniting Partners with India’,” PM Modi said.
He asserted that Digital Public Infrastructure such as UPI has brought about changes in the smallest of villages in India, as the technology is convenient and fast.
In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI, PM Modi said.
“Digital Public Infrastructure has brought about a revolutionary change in India. Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed,” he said.
UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.
UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only, but other countries, too, benefit from it.
So far, Sri Lanka, Mauritius, France, UAE, and Singapore have partnered with India on emerging fintech and payment solutions.