India’s Unified Payments Interface (UPI) services were recently introduced in Sri Lanka and Mauritius, marking a significant milestone in the digital connectivity between these countries and India. The launch of UPI services and RuPay card facilities in these nations is a testament to the strong historical ties that bind them with modern digital technology.
The rollout of these Indian fintech services was commemorated in a virtual ceremony attended by Prime Minister Narendra Modi, his Mauritian counterpart Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe. During the event, Prime Minister Modi expressed his optimism about the potential benefits of these new financial technologies for both countries.
Modi emphasized that the introduction of UPI services would not only strengthen economic ties but also reflect India’s commitment to its ‘neighbourhood first policy.’ He highlighted India’s track record as a first responder in times of international crises, reaffirming its dedication to supporting neighboring countries in various spheres.
The implementation of UPI services and RuPay card facilities in Sri Lanka and Mauritius underscores New Delhi’s efforts to enhance bilateral economic cooperation with these two nations. This move will facilitate seamless payment settlement for Indian citizens traveling to Sri Lanka and Mauritius, as well as for Mauritian citizens visiting India.
Developed by the National Payments Corporation of India (NPCI), UPI is a real-time instant payment system designed to facilitate interbank transactions via mobile phones. On the other hand, RuPay is an Indian global card payment network widely accepted at stores, ATMs, and online platforms.
According to the news, this development holds significant implications for fostering closer economic integration between India, Sri Lanka, and Mauritius. It reflects a shared vision for leveraging digital innovation to enhance financial connectivity across borders.
The expansion of UPI services into Sri Lanka and Mauritius aligns with India’s broader strategy to leverage digital technology for promoting regional economic collaboration. As more countries embrace advanced financial technologies like UPI and RuPay cards, it will pave the way for greater financial inclusion and seamless cross-border transactions within the Indian Ocean region.
In summary, the introduction of UPI services and RuPay card facilities in Sri Lanka and Mauritius represents a significant step towards strengthening economic ties between these nations and India. By harnessing modern digital technologies, they aim to foster greater financial connectivity while honoring their shared historical legacy.
Source: Gadgets 360