India is set to expand its Unified Payment Interface (UPI) and RuPay card services to Sri Lanka and Mauritius in a virtual ceremony scheduled for Monday, February 12. Prime Minister Narendra Modi, along with Mauritian Prime Minister Pravind Jugnauth and Sri Lanka’s President Ranil Wickremesinghe, will participate in the event via video conferencing, as announced by the Ministry of External Affairs (MEA).
The UPI, a real-time payment system, has been developed by the National Payments Corporation of India (NPCI) to facilitate seamless inter-bank transactions through mobile phones. Additionally, RuPay, akin to global payment networks like Visa or Mastercard, is an Indian card payment system widely accepted at various establishments, ATMs, and online platforms.
This launch signifies a significant development in India’s economic relations with Sri Lanka and Mauritius. The MEA highlighted India’s leadership in fintech innovation and digital public infrastructure, emphasizing Prime Minister Modi’s commitment to sharing developmental experiences and innovations with partner countries.
Given India’s strong cultural and people-to-people ties with Sri Lanka and Mauritius, the launch aims to provide a faster and more efficient digital transaction experience, enhancing digital connectivity between the countries. The MEA pointed out that the extension of services will enable UPI settlements for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals traveling to India.
Furthermore, the introduction of RuPay card services in Mauritius will empower Mauritian banks to issue cards based on the RuPay mechanism, facilitating card usage for settlements both within India and Mauritius. Overall, the launch is expected to promote financial inclusivity and strengthen the economic collaboration between the nations involved.