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In a proud moment for India, the NPCI-developed Unified Payments Interface (UPI) services will be launched today (February 12) in Sri Lanka and Mauritius.
The development move comes more than a week after UPI was launched in France.
Participation of government
The launch event, which is scheduled for today at 1 pm, will see the virtual participation of Indian Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritian Prime Minister Pravind Jugnauth.
"Given India's robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries," read a statement issued by the Prime Minister's office.
"India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. Prime Minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries," the government has said.
Strengthening cross-border connectivity
Besides the launch of UPI services, RuPay card services will also be launched in Mauritius to streamline financial transactions for Indians travelling to these countries and vice versa.
The services are expected to benefit a broad spectrum of people by offering a faster and more seamless digital transaction experience. It also aims to enhance the digital connectivity between India and these nations, leveraging the robust cultural and people-to-people linkages that exist.
The impact on Indian and Mauritian nationals
The introduction of UPI services will allow Indian nationals visiting these two countries to make easy and secure payments. Similarly, Mauritian nationals travelling to India can also take advantage of this service.
Furthermore, the extension of RuPay card services will allow Mauritian banks to issue RuPay cards, enabling their use for settlements in both India and Mauritius.
India's UPI revolution
The UPI system, developed by the National Payments Corporation of India and governed by the Reserve Bank of India and the Indian Bank Association, has seen widespread adoption within India, especially during the COVID-19 pandemic, highlighting its effectiveness and reliability.
Which countries are accepting UPI payments?
The launch of UPI in Sri Lanka and Mauritius adds to a growing list of countries adopting this digital payments system, including Bhutan, France, the UAE, Oman, and Singapore.
Nepal may soon join the list of countries using India’s UPI. Indian Ambassador Naveen Srivastava in December 2023 said the digital payment gateway between India and Nepal is expected to start in the first phase from the end of February 2024.
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