PM Modi Launches UPI and RuPay Services in Sri Lanka and Mauritius

Technology News ,India :- Prime Minister Narendra Modi, accompanied by Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth, is set to inaugurate Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, along with the launch of RuPay card services in Mauritius. The Ministry of External Affairs (MEA) announced that the event, scheduled for Monday at 1 pm, will be conducted via video conferencing.

India, recognized as a leader in fintech innovation and digital public infrastructure, is keen on sharing its development experiences and innovations with partner countries, a vision underscored by PM Modi. With strong cultural and people-to-people linkages between India and Sri Lanka/Mauritius, the launch is poised to revolutionize digital transactions, fostering faster and seamless experiences while enhancing digital connectivity between the nations, according to the MEA.

The UPI settlement services introduced through this launch will cater to Indian nationals traveling to Sri Lanka and Mauritius, as well as Mauritian nationals visiting India. Additionally, the extension of RuPay card services in Mauritius will empower Mauritian banks to issue cards based on the RuPay mechanism, facilitating transactions in both India and Mauritius.

This initiative follows an agreement signed during President Wickremesinghe's visit to New Delhi in July 2023, where India and Sri Lanka formalized the acceptance of UPI in the island nation. Earlier that year, in February, PhonePe, a prominent Indian digital payments and fintech company, pioneered cross-border UPI payments under UPI International, allowing users to leverage their Indian bank accounts for transactions in the UAE, Singapore, Mauritius, Nepal, and Bhutan.

Rahul Chari, CTO and co-founder of PhonePe, expressed confidence in UPI International as a game-changer, offering a transformative payment experience for Indians abroad. PhonePe, India's largest UPI app by market size, has raised substantial funding and is gearing up for an IPO after securing USD 350 million as part of its USD 1 billion fundraising.

The UPI payment system, renowned for its popularity in retail digital payments within India, operates as a mobile-based fast payment system, enabling customers to make instant, round-the-clock payments using a virtual payment address (VPA). India's expansion of fintech services to its neighboring nations marks a significant stride towards fostering regional economic connectivity and digital financial inclusivity.