In a significant development, India's Unified Payment Interface (UPI) services were launched in Sri Lanka and Mauritius, marking a milestone in the digital connectivity between the countries. The launch was attended by Prime Minister Narendra Modi, his Mauritian counterpart Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe.

Historic Ties Meet Modern Digital Technology

Prime Minister Modi hailed the launch of UPI services as a means to strengthen historic ties with modern digital technology. He expressed hope that the fintech services would benefit both nations by implementing new responsibilities of uniting partners with India. The Prime Minister emphasized that this day marked a special occasion for the three friendly countries of the Indian Ocean Region.

Advancing Financial Inclusion and Connectivity

The introduction of UPI services in Sri Lanka and Mauritius will have far-reaching implications for financial transactions and connectivity. Indian nationals traveling to these countries will now have access to UPI settlement services, allowing them to make seamless payments through their mobile phones. Similarly, Mauritian nationals traveling to India will also be able to utilize UPI services, facilitating convenient and secure transactions.

Benefits of UPI and RuPay Card Services

Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system that enables inter-bank transactions through mobile phones. The launch of UPI services in Sri Lanka and Mauritius aims to provide a user-friendly and efficient payment infrastructure, enhancing financial inclusion and promoting cashless transactions.

In addition to UPI services, India's RuPay card services were also introduced in Mauritius. RuPay is a globally accepted card payment network from India, which offers wide acceptance at shops, ATMs, and online platforms. This move will further simplify and streamline financial transactions for individuals and businesses in Mauritius.

Strengthening Bilateral Economic Ties

The launch of UPI services in Sri Lanka and Mauritius comes at a time when India is actively fostering bilateral economic relations with these countries. By facilitating secure and convenient cross-border transactions, UPI services will contribute to the growth of trade and commerce between India, Sri Lanka, and Mauritius.

Prime Minister Modi's Neighbourhood First Policy

During the virtual ceremony, Prime Minister Modi reiterated India's "neighbourhood first policy," emphasizing the country's commitment to supporting its neighboring nations. He highlighted India's role as a first responder, be it in times of natural disasters, health crises, economic challenges, or international cooperation. The launch of UPI services in Sri Lanka and Mauritius reflects India's dedication to promoting regional connectivity and cooperation.

Looking Ahead

The introduction of UPI services in Sri Lanka and Mauritius represents a significant step forward in strengthening digital ties between India and its neighboring countries. With UPI and RuPay card services, individuals and businesses will experience enhanced financial connectivity, convenience, and security. The launch of these services reinforces India's commitment to promoting financial inclusion, digital transformation, and regional cooperation.