Unified Payment Interface (UPI) services have been launched in Sri Lanka and Mauritius, marking a significant step in India’s expanding bilateral economic relations with both nations. Prime Minister Narendra Modi, Sri Lankan President Ranil Wickramasinghe, and Mauritian Prime Minister Pravind Jugnauth participated in the online program, emphasizing the growing economic ties.
The initiation of Indian UPI services in Sri Lanka and Mauritius not only benefits Indian citizens traveling to these countries but also provides UPI services for citizens of Sri Lanka and Mauritius traveling to India. Prior to this, UPI payments were already being utilized in France, Singapore, UAE, Nepal, and Bhutan.
The Indian High Commission stated that with the commencement of UPI services, both Indian citizens traveling to Sri Lanka and Mauritius and citizens of these countries visiting India will experience enhanced convenience. India has emerged as a leader in fintech innovation and digital public infrastructure, reinforcing its commitment to sharing developmental experiences and innovations with partner nations.
The statement highlighted the strong cultural and mutual relationships between India, Sri Lanka, and Mauritius, anticipating rapid and seamless digital transactions with the commencement of UPI services. This is expected to benefit the people of both countries and foster increased digital connectivity.
In Mauritius, the expansion of RuPay card services will allow banks in both India and Mauritius to facilitate transactions, contributing to efficient financial dealings between the two nations.
What is UPI?
Unified Payment Interface (UPI) is an Indian financial system designed to simplify personal and business transactions. Launched by the National Payments Corporation of India (NPCI) in 2016, UPI manages financial transactions swiftly, securely, and consistently between various banks and financial institutions. UPI is a crucial component of India’s digital financial services, providing a secure and straightforward way for people to engage in transactions. Users can easily transfer money between their personal and business accounts and make secure transactions with other users. The UPI system supports various Indian languages, making financial transactions simple and accessible for users. Overall, UPI plays a vital role in making digital financial services an integral part of India’s economic landscape.