India’s Unified Payments Interface (UPI) and RuPay card services will be launched today in Sri Lanka and Mauritius. This move is a pivotal moment in India’s efforts to extend its successful financial services globally and comes after its introduction in France earlier this month.
The launch event, which will be held virtually on February 12 at 1:00 pm IST, will see the participation of Indian Prime Minister Narendra Modi alongside Sri Lankan President Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth.
“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,” India’s Ministry of External Affairs said in a press release.
“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,” MEA added.
This launch will be broadcast live on RBI’s YouTube channel.
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.
Live at: https://t.co/8uDyl9x0A9@DasShaktikanta, @RBI,… pic.twitter.com/KwZL14xY2o
— ReserveBankOfIndia (@RBI) February 11, 2024
UPI, a mobile-based, round-the-clock payment system that allows users to perform bank transactions via a virtual payment address, has quite literally revolutionized the way payments are made in India. Its expansion into Sri Lanka and Mauritius is anticipated to provide Indian nationals visiting these countries with a familiar and efficient payment method, thereby eliminating the hassles of currency exchange and enhancing the travel experience.
Similarly, the introduction of RuPay card services in Mauritius is set to benefit both countries. “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,” MEA noted.
The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), instrumental in developing these platforms, have been at the forefront of India’s digital revolution. The combined efforts have resulted in gaining international recognition and appreciation, with countries like Bhutan, and Oman, among others adopting the UPI services and several other countries expressing interest in adopting similar digital payment systems.