Ranil Wickremesinghe, President of Sri Lanka, and Pravind Jugnauth, Prime Minister of Mauritius, will be present for the virtual launch of the Unified Payment Interface (UPI) services in Sri Lanka and Mauritius and also of RuPay card services in Mauritius.
The Unified Payment Interface (UPI) has expanded its global footprint as Prime Minister Narendra Modi launched the instant payment system developed by India in Sri Lanka and Mauritius this week.
The launch will enable the availability of UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius as well as for Mauritian nationals traveling to India.
The prime minister also launched the RuPay card services in Mauritius.
Sri Lanka President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth joined PM Modi at the online launch event.
Speaking at a ceremony held via video conferencing, Modi said it was a special day for three friendly nations of India, Sri Lanka, and Mauritius as their historic connections take the form of modern digital connect.
Modi underlined that fintech connectivity will further strengthen cross-border transactions and connections.
“Digital public infrastructure has brought about a revolutionary change in India, where the smallest vendors in the remotest of villages are transacting via UPI and making digital payments,” PM Modi said.
The National Payments Corporation of India (NPCI) developed UPI as an instant real-time payment system to facilitate interbank transactions through mobile phones.
Earlier last month, Google India Digital Services and NPCI International Payments Ltd (NIPL) signed an agreement that will help expand UPI payments to countries outside India. Under the memorandum of understanding (MoU), Indian travelers will be able to make payments in other countries via Google Pay.
While speaking about the convenience and speed of UPI transactions, Modi said, “More than 100 billion transactions took place via UPI last year worth ₹2 trillion or 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees.”
The prime minister expressed confidence that connection with UPI will boost digital transformation, local economies will witness positive change, and tourism will be promoted in Sri Lanka and Mauritius.
“I am confident that Indian tourists will give priority to destinations with UPI. People of Indian origin living in Sri Lanka and Mauritius and students studying there will also get special benefits from it,” he said.
PM Modi expressed delight that after Nepal, Bhutan, Singapore, and UAE in Asia, RuPay entered Africa through its launch in Mauritius.
The UPI and RuPay card system will enable real-time, cost-effective, and convenient payments in our own currency, the prime minister said, adding that the two countries can move towards cross-border remittances through Person to Person (P2P) payment facility.
Linking the launch with the success of Global South cooperation, the prime minister said, “Our relations are not just about transactions, it is a historical relation.”
Drawing attention to India supporting its neighboring friends in the last ten years, Modi said that India stands up for its friends in every hour of crisis, be it natural disasters, health-related issues, economic or support on the international stage.
“India has been the first responder and will continue to be so,” the prime minister underlined.
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