India expands UPI payment services to Sri Lanka and Mauritius

BNE News Desk

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New Delhi: India has expanded its Unified Payment Interface (UPI) services to Sri Lanka and Mauritius, marking a significant development in its bilateral economic relations with the two island nations. The launch took place on February 12 in a virtual ceremony attended by Indian Prime Minister Narendra Modi, Mauritian PM Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe.

During the ceremony, PM Modi emphasized the importance of the occasion, stating that it signifies the modern digital connection of historical relations between the countries. He highlighted the transformative impact of digital public infrastructure in India, noting that even small businesses in remote villages are now adopting digital payments for their convenience and speed.

PM Modi underscored India's commitment to its "neighbourhood first policy" and the 'SAGAR' maritime vision, emphasizing the pursuit of peace, security, and development in the entire region. The extension of UPI services is aligned with India's goal to strengthen cross-border connections and transactions through fintech connectivity.

Moreover, the Prime Minister expressed optimism about the positive impact on tourism between the three countries, stating that the availability of UPI services in tourist destinations would likely increase tourist traffic. The move also facilitates UPI settlement services for Indian and Mauritian nationals traveling between the respective countries.

Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system designed to facilitate inter-bank transactions through mobile phones. Additionally, India's RuPay, a global card payment network, plays a role in enabling seamless financial transactions with wide acceptance at shops, ATMs, and online platforms.

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BNE News Desk