India's Unified Payment Interface (UPI) services are set to expand their reach into Mauritius and Sri Lanka, following the recent launch in France.
Mauritius and Sri Lanka are on the agenda to adopt the Unified Payment Interface (UPI) services developed by India, which were recently introduced in France. On Monday, February 12, a virtual event will be conducted to unveil this initiative in the presence of Prime Minister Pravind Jugnauth of Mauritius, PM Narendra Modi of India, and President Ranil Wickremesinghe of Sri Lanka.
During this event, India's Ministry of External Affairs announced the introduction of RuPay card services in Mauritius. RuPay, a domestic card payment network from India, is widely accepted at various points of sale, ATMs, and online platforms.
The UPI, developed by the National Payments Corporation of India, stands as an instant real-time payment system designed to facilitate seamless inter-bank transactions via mobile phones. Alongside RuPay, it represents the pinnacle of India's technological achievements, playing a pivotal role in positioning the country as a frontrunner in fintech innovation and digital infrastructure.
These advancements underscore India's commitment to fostering financial inclusion and driving digital transformation, not only domestically but also internationally. By extending these services to Mauritius and Sri Lanka, India aims to strengthen economic ties and facilitate smoother financial transactions across borders.
The launch of UPI and RuPay in Mauritius and Sri Lanka signifies a significant milestone in India's global outreach efforts in the fintech sector. It reflects a broader trend of leveraging cutting-edge technology to enhance financial accessibility and drive socio-economic progress both regionally and globally. Through such initiatives, India continues to assert its leadership in the digital economy and reinforce its commitment to advancing financial inclusion on a global scale.