India’s Unified Payment Interface (UPI) services, along with RuPay card services, marked a significant milestone on February 12 as they were rolled out in Sri Lanka and Mauritius. Prime Minister Narendra Modi hailed this development as a bridge between historic ties and modern digital technology, underscoring India’s commitment to fostering stronger digital connectivity with its neighbors.
At a virtual ceremony attended by Prime Minister Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe, the launch of UPI and RuPay services symbolized the deepening of bilateral economic ties between India and these two countries in the Indian Ocean Region.
Prime Minister Modi emphasized the transformative power of digital public infrastructure in India, citing its revolutionary impact on various sectors. He reiterated India’s “neighbourhood first policy,” highlighting the nation’s commitment to supporting its neighbors in times of need, whether in response to natural disasters, health crises, or on the international stage.
The introduction of UPI settlement services in Sri Lanka and Mauritius opens up new avenues for seamless financial transactions, benefiting Indian nationals traveling to these countries and Mauritian nationals visiting India. Developed by the National Payments Corporation of India (NPCI), UPI enables instant real-time payments through mobile phones, revolutionizing the way inter-bank transactions are conducted.
Similarly, RuPay, India’s homegrown card payment network, offers a reliable and widely accepted payment solution at shops, ATMs, and online platforms. Its expansion into Mauritius provides greater convenience and accessibility to users, further bolstering economic exchanges between the two nations.
Prime Minister Modi expressed optimism about the potential of these fintech services to enhance financial inclusion and stimulate economic growth in Sri Lanka and Mauritius. He underscored the UPI’s role in uniting partners with India, signaling a commitment to fostering closer ties and collaboration in the digital realm.
As India continues to strengthen its presence in the global fintech landscape, initiatives like the expansion of UPI and RuPay services reflect the country’s vision of leveraging digital innovation to promote economic integration and cooperation. By harnessing the power of technology, India aims to build stronger partnerships and contribute to the prosperity of its neighbors in the Indian Ocean Region and beyond.