Indian digital payment sytem, Unified Payments Interface (UPI), will now be available in Sri Lanka and Mauritius. UPI is a real-time payment system that allows users to make instant inter-bank transactions through smartphones.
Prime Minister Narendra Modi will join Sri Lankan President Ranil Wickremesinghe, and Mauritian Prime Minister Pravind Jugnauth virtually for the launch event, a release from the Ministry of External Affairs stated.
RuPay card services will also be launched in Mauritius during this event, the statement added.
“India has emerged as a leader in fintech innovation and digital public infrastructure. The Prime Minister has emphasised sharing the experiences and innovations of our development journey with partner countries. Given India's strong cultural and mutual ties with Sri Lanka and Mauritius, the launch of UPI services will enable digital transactions at a faster and seamless pace,” the PMO stated.
It further added that this collaboration would benefit both countries and boost digital connectivity. It will also provide hassle-free travel for Indian citizens in these countries.
“The extension of RuPayCard services in Mauritius will enable Mauritian banks to issue cards based on the RuPay ecosystem in Mauritius and facilitate the use of RuPayCard for settlements in both India and Mauritius,” the statement said.
Also Read: 7 Countries Where UPI Payments Are Accepted
On February 2, UPI services were launched at the Eiffel Tower in the French capital of Paris at an event to celebrate India's Republic Day. The official release said the initiative was in sync with Modi’s vision of taking UPI global. NPCI International Payments Limited (NIPL) had partnered with Lyra, a prominent French expert in eCommerce and proximity payments, to enable UPI services in France. This is a milestone for India as Eiffel Tower is the first merchant to accept UPI payments in France. The development will make things easier for Indian tourists visiting the iconic Eiffel Tower.
UPI allows users to merge several banking features and accounts through a single system. Users can make quick transactions throughout the year with a single click through a secured 2-factor verification system from their phones.
Users can scan QR codes or add numbers to make cashless payments and skip ATM or bank visits.
On April 11, 2016, the NPCI conducted a pilot launch with 21 banks under then RBI governor, Dr. Raghuram Rajan, in Mumbai. On August 25, 2016, banks started uploading their UPI-enabled apps on Play Store.
How to watch the launch of UPI?
The historic launch of UPI and RuPay connectivity with Mauritius and Sri Lanka will be streamed live on YouTube on February 12, 2024 at 1:00 PM. One can watch the launch of India's digital payment services on the RBI's YouTube channel here - https://www.youtube.com/watch?v=gqcjqyTWKF8
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