Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online
India’s Unified Payment Interface (UPI) services will be rolled out in Sri Lanka and Mauritius at a virtual ceremony on Monday that will be witnessed by Prime Minister Narendra Modi and the top leadership of the two island nations.
Read More: Duty Concession on Gold Will Be Major Concern for India Under Proposed FTA with Peru: GTRI
India’s RuPay card services would also be launched in Mauritius at the event Mauritian PM Pravind Jugnauth and Sri Lanka’s President Ranil Wickremesinghe will join Modi at the virtual ceremony, according to the Ministry of External Affairs (MEA).
“Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius on February 12 at 1 PM via video conferencing,” it said.
Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online.
The launch of the Indian services in Sri Lanka and Mauritius is taking place amid New Delhi’s increasing bilateral economic ties with the two countries “India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. The prime minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries,” the MEA said in a statement.
It said 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.
“The launch will enable availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India,” it said.
“The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and facilitate usage of RuPay card for settlements both in India and Mauritius,” it added.
