In a move to strengthen digital payment infrastructure and deepen economic ties, India has expanded its Unified Payments Interface (UPI) services to Sri Lanka and Mauritius on Monday, following the recent launch of UPI services in France. Adding to it, RuPay cards were also launched in Mauritius today.
Prime Minister Narendra Modi inaugurated the launch of UPI services in Sri Lanka and Mauritius along with Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe via video conferencing.
This rollout of India’s UPI services in Sri Lanka and Mauritius signifies the deepening bilateral economic relationships between New Delhi and the two countries. The introduction of UPI services in these nations facilitates the accessibility of UPI settlement services for Indian citizens travelling to Sri Lanka and Mauritius, as well as for Mauritian nationals journeying to India. 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 in India and Mauritius.
Speaking on the event, PM Modi says that fintech connectivity will further strengthen cross-border transactions and connections. “India’s UPI or United Payments Interface comes in a new role today - Uniting Partners with India,” as per the statement issued by Prime Minister's Office (PMO).
“The Prime Minister underlined that digital public infrastructure has brought about a revolutionary change in India, where the smallest of vendors in the remotest of villages are transacting via UPI and making digital payments,” says his office.
Speaking about the convenience and speed of UPI transactions, the PM informed that more than 100 billion transactions took place via UPI last year worth ₹2 lakh crores or 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees. He also mentioned making last-mile delivery through the Jan Dhan, Aadhaar and Mobile (JAM) trinity of bank accounts, Aadhar and mobile phones where ₹34 lakh crores or 400 billion U.S. dollars has been transferred into the bank accounts of beneficiaries.
The Prime Minister stressed that “India’s policy is ‘Neighborhood First’. Our maritime vision is SAGAR i.e. Security and growth for all in the region. India does not see its development separately from its neighbors.”
PM Modi expresses the confidence that connection with UPI will benefit Sri Lanka and Mauritius and digital transformation will get a boost, local economies will witness positive change and tourism will be promoted. “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”, the Prime Minister adds.
PM Modi expressed delight that after Nepal, Bhutan, Singapore and UAE in the Gulf in Asia, now from Mauritius RuPay card is being launched in Africa. This will also facilitate the people coming to India from Mauritius. The need to buy hard currency will also reduce, he says.
The UPI and RuPay card system will enable real-time, cost-effective and convenient payments in our own currency. In the coming time, we can move towards cross-border remittances i.e. Person to Person (P2P) payment facility, the Prime Minister adds.
