UPI payment services launched in Sri Lanka, Mauritius
The virtual introduction of RuPay cards and UPI connection between India and their respective nations launched on 12th February, witnessed by President Ranil Wickremesinghe of Sri Lanka, Prime Minister Narendra Modi, and his counterparts in Mauritius, Pravind Kumar Jugnauth. Governor Shaktikanta Das of the Reserve Bank of India, Harvesh Seegolam of the Bank of Mauritius, and Nandalal Weerasinghe of the Central Bank of Sri Lanka were present in the occasion.
Prime Minister Narendra Modi remarked, "We are connecting our ancient connections with contemporary digital technologies today, making it a unique day for the three cordial nations of the Indian Ocean Region". Digital public infrastructure, according to the PM, has revolutionized India. He also emphasized India's strategy of putting its neighbors first. India has always been the first to respond to crises, whether they are natural, medical, economic, or involve help for other countries.
UPI is an instantaneous real-time payment system designed by the National Payments Corporation of India (NPCI) to make interbank mobile transactions easier. India's RuPay is a widely accepted global card payment network that may be found online, in stores, and at ATMs. The MauCAS card program of Mauritius will allow banks to produce RuPay cards locally with the implementation of RuPay technology. These cards are accepted domestically in Mauritius and in India at ATMs and PoS terminals. As a result, Mauritius is the first nation outside of Asia to provide RuPay-enabled cards.
The Ministry of External Affairs (MEA) released a statement beore the launch, "India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. The prime minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries. 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. 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."
Travelers from India will be able to use their UPI applications to pay with QR codes at merchant locations in Sri Lanka thanks to the country's digital payments network. Under the direction and assistance of the RBI, NPCI International Payments Limited (NIPL) and partner banks and non-banks from Mauritius and Sri Lanka have created and carried out these initiatives. Selected banks, non-banks, and third-party application providers in India, Mauritius, and Sri Lanka have enabled the aforementioned features to function. These facilities will be expanded in the future, the RBI stated in a statement.