India’s Unified Payments Interface (UPI) technology is set to debut in Sri Lanka and Mauritius on February 12th. Prime Minister Narendra Modi, along with Sri Lanka’s President H.E. Ranil Wickremesinghe and Mauritius’ Prime Minister H.E. Pravind Jugnauth, will witness this milestone event, which also includes the introduction of RuPay card services in Mauritius.
India, recognized for its Fintech innovation and Digital Public Infrastructure, is extending its digital capabilities to its partner countries. Prime Minister Modi emphasizes sharing India’s developmental experiences and innovations as part of the nation’s commitment to global cooperation. The launch aims to benefit diverse individuals in Sri Lanka and Mauritius, leveraging India’s strong cultural and people-to-people connections with these nations.
The primary goal is to provide faster, seamless digital transactions and enhance digital connectivity between the participating nations. An important outcome is the availability of UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India.
This initiative aligns with the global trend of promoting digital transactions and facilitating cross-border financial activities. The extension of RuPay card services in Mauritius will significantly impact the country’s financial landscape. Mauritian banks will now issue cards based on the RuPay mechanism, empowering citizens with a versatile tool for digital transactions. Moreover, this development will facilitate the use of RuPay cards for settlements in both India and Mauritius, enhancing financial interoperability between the two nations.