India’s flagship instant payment system, the Unified Payments Interface (UPI), along with RuPay card services, is set to be launched in Sri Lanka and Mauritius on February 12. Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritius Prime Minister Pravind Jugnauth will oversee the launch, marking a significant milestone in digital financial integration.
Launch of UPI Services
- UPI services will be extended to Sri Lanka and Mauritius, facilitating seamless digital transactions for Indian nationals visiting these countries and Mauritian nationals traveling to India.
- This move underscores India’s commitment to fostering financial inclusion and enhancing cross-border digital connectivity.
Introduction of RuPay Card Services
- In addition to UPI, RuPay card services will be introduced in Mauritius, allowing Mauritian banks to issue cards based on the RuPay mechanism.
- RuPay cards can be utilized for settlements both within India and Mauritius, bolstering economic ties and facilitating smoother financial transactions for travelers.
Emphasis on Fintech Innovation
- India’s leadership in fintech innovation and digital infrastructure is highlighted through this initiative, demonstrating the country’s willingness to share its development experiences with partner nations.
- Prime Minister Modi’s emphasis on fostering cultural and people-to-people linkages underscores the broader objective of enhancing digital connectivity and promoting economic cooperation.
- The launch follows the successful cross-border linkage between India and Singapore using UPI and PayNow, showcasing India’s commitment to expanding its digital footprint globally through strategic partnerships.