Sri Lanka and Mauritius have now embraced the Indian digital payment system, a week after the successful launch of the Unified Payments Interface (UPI) in France. Prime Minister Narendra Modi, along with his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe virtually introduced the UPI services in the two countries on Monday.
RuPay cards were also introduced in Mauritius today.
PM Modi expressed optimism about the potential surge in tourism among India, Sri Lanka, and Mauritius with UPI services as a driving factor.
He stated, “This would increase the tourism between us (India, Sri Lanka, and Mauritius). I am confident that Indian tourists would also prefer destinations where UPI services are available.”
He emphasised the substantial cultural and people-to-people ties shared among India, Sri Lanka, and Mauritius, noting that the launch of UPI services would foster faster and smoother digital transactions, enhancing connectivity between the countries.
Travelers from India visiting Sri Lanka and Mauritius can now utilize UPI for payments, while Mauritian tourists in India will also have access to this convenient payment method. The expansion of RuPay services enables Mauritian banks to issue RuPay cards, facilitating settlements in both India and Mauritius.
The launch of UPI at the Eiffel Tower in Paris on February 2 during the Republic Day reception exemplifies the global outreach envisioned by PM Modi. France became the first European country to accept UPI payments, allowing Indian tourists visiting the Eiffel Tower to buy tickets seamlessly. This service will soon extend to other tourism and retail merchants across the European nation.
UPI, a mobile-based payment system in India, enables round-the-clock payments via virtual payment addresses, consolidating multiple bank accounts into a single app and offering various banking features under one platform.
PM Modi highlighted the transformative impact of Digital Public Infrastructure in India, emphasising its widespread adoption, even among small-scale businesses in rural areas, owing to its convenience and speed.
Last year witnessed a significant Memorandum of Understanding (MoU) exchange between the Reserve Bank of India and the Central Bank of the UAE, aiming to interlink the payment and messaging systems of both countries. This initiative seeks to facilitate seamless integration between India”s Unified Payments Interface (UPI) and the UAE”s Instant Payments Platform (IPP), fostering greater financial connectivity between the two nations.
