Sri Lanka, Mauritius Join India’s Digital Payment Revolution with UPI Launch
New Delhi, February 12, 2024: Building on the recent launch in France, India’s digital payment system, Unified Payments Interface (UPI), has now reached Sri Lanka and Mauritius, further expanding its global reach. Prime Minister Narendra Modi virtually joined the launch ceremony today, alongside Mauritian Prime Minister Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe.
This marks a significant step in India’s efforts to promote its homegrown digital payment solution internationally. UPI facilitates instant real-time peer-to-peer and business-to-consumer transactions using a simple mobile app. Its fast, secure, and interoperable nature is expected to benefit not only Indian travelers and businesses in these countries but also local citizens looking for a convenient and efficient way to send and receive money.
“The launch of UPI in Sri Lanka and Mauritius is a historic moment,” said Prime Minister Modi, speaking at the virtual event. “It signifies the growing acceptance of India’s digital payment infrastructure and its potential to empower people across borders.”
In addition to UPI, the launch event also saw the introduction of RuPay cards in Mauritius. RuPay is India’s indigenous global card payment network, providing an alternative to international systems like Visa and Mastercard. This move aims to facilitate seamless transactions for both Indian and Mauritian users, boosting bilateral trade and tourism.
Experts believe the launch of UPI and RuPay in these countries could serve as a stepping stone for further expansion into other regions. The success of these initiatives could pave the way for India to emerge as a global leader in digital payments, potentially influencing the future of financial transactions worldwide.
Key Takeaways:
UPI, India’s digital payment system, launched in Sri Lanka and Mauritius.
Launch witnessed virtually by Prime Minister Modi, Mauritian PM, and Sri Lankan President.
RuPay cards also introduced in Mauritius, offering an alternative to international payment networks.
Initiative expected to benefit Indian travelers and businesses, as well as local citizens.
Launch seen as a step towards India becoming a global leader in digital payments.
