In a move towards fostering international financial connectivity, India is poised to introduce its Unified Payment Interface (UPI) and RuPay card services in Sri Lanka and Mauritius, scheduled for launch at 1 pm on Monday. The Ministry of External Affairs, in a press release issued on Sunday, has not only confirmed this cross-border financial initiative but also disclosed the simultaneous introduction of RuPay card services in Mauritius.
This event is slated to be witnessed by Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe, and Prime Minister of Mauritius Pravind Jugnauth. The launch will take place through a video conferencing event, marking a step in fostering closer financial ties and digital connectivity among these nations. The launch of the Indian services in these two countries is taking place amid New Delhi’s increasing bilateral economic ties with the two countries.
The Reserve Bank of India has shared event details on the social media platform X (formerly X), announcing, " PM of India @narendramodi, PM of Mauritius @MauritiusPM, and President of Sri Lanka to witness historic launch of UPI and RuPay connectivity with Mauritius and Sri Lanka #UPI - #RuPay on February 12, 2024 at 1:00 PM. "
About UPI and RuPay
The UPI, a cutting-edge real-time payment system, has been developed by the National Payments Corporation of India (NPCI). It is designed to streamline inter-bank transactions seamlessly through mobile phones, offering users a swift and efficient way to conduct financial transactions.
In parallel, RuPay, akin to global card payment giants like Visa or Mastercard, stands as a significant player in the financial landscape. Launched in India, RuPay operates as a global card payment network with widespread acceptance at various points, including shops, ATMs, and online platforms.
Who will get the benefits?
The upcoming launch will facilitate the availability of UPI settlement services for Indian nationals journeying to Sri Lanka and Mauritius. Additionally, the initiative extends its benefits to Mauritian nationals traveling to India, said the ministry.
The extension of RuPay card services in Mauritius will empower Mauritian banks, enabling them to issue cards through the RuPay mechanism within Mauritius. This move will facilitate the utilization of RuPay cards for transactions in both India and Mauritius. The Ministry also highlighted India's leadership in Fintech innovation and Digital Public Infrastructure, underlining the Prime Minister's commitment to sharing developmental experiences and innovations with partner countries.
Given the strong cultural and people-to-people ties between India, Sri Lanka, and Mauritius, the launch is anticipated to benefit a diverse range of individuals, promising a faster and seamless digital transaction experience. This initiative underscores the commitment to enhancing digital connectivity between the nations, as added in the press release.
