India’s Unified Payments Interface (UPI) service will host virtual ceremonies in Sri Lanka and Mauritius on Monday. The event will be witnessed by Prime Minister Narendra Modi and top leaders of the two island nations.
India’s RuPay card service will also be launched, according to the Mauritian Ministry of External Affairs (MEA), Mauritius Prime Minister Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe Modi will be joined in a virtual ceremony at 1 p.m.
In Sri Lanka, the interface will be connected with Lanka Pay to allow digital transactions on Sri Lanka’s UPI.
“Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth will witness the Sri Lanka and Mauritius Unified Payment Interface on February 12 at 1 pm (UPI) services as well as RuPay card services in Mauritius were launched through video conferencing,” it said.
Developed by the National Payments Corporation of India (NPCI), UPI is an instant, real-time payment system designed to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment network from India that is widely accepted in stores, ATMs and online.
India’s launch of services in Sri Lanka and Mauritius comes amid growing bilateral economic ties between New Delhi and the two countries. “India has emerged as a leader in fintech innovation and digital public infrastructure. The Prime Minister attaches great importance to sharing our development experience and innovation with partner countries,” MEA said in a statement.
It said given the strong cultural and people-to-people ties between India and Sri Lanka and Mauritius, the launch will benefit a wider population through a faster and seamless digital transaction experience and enhance digital connectivity between the two countries.
“The launch will provide UPI settlement services to Indian nationals traveling to Sri Lanka and Mauritius and Mauritian nationals traveling to India,” it said. “The expansion of RuPay card services in Mauritius will enable Bank of Mauritius to issue in Mauritius based on the RuPay mechanism,” it added. cards and facilitate the use of RuPay cards for settlement in India and Mauritius.”
UPI was also launched in Singapore in February 2022, with Prime Minister Narendra Modi and Singaporean Prime Minister Lee Hsien Loong witnessing the launch of cross-border connectivity through video conferencing between UPI and PayNow. This connection makes money transfers between India and Singapore quick and cost-effective using just a phone number.
In addition, PhonePe also supports overseas payments and says it supports all international merchants with local QR codes in the United Arab Emirates, Singapore, Mauritius, Nepal and Bhutan.
(with PTI input)
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