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India’s Unified Payments Interface (UPI) services made their debut in Sri Lanka and Mauritius on Monday, marking a significant milestone in the digital financial landscape of the region. The virtual inauguration ceremony witnessed the participation of Prime Minister Narendra Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe.
The introduction of UPI services in these countries underscores India’s commitment to fostering bilateral economic relations and enhancing financial connectivity. The launch facilitates the availability of UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India.
Prime Minister Modi expressed optimism about the potential of this initiative to boost tourism and economic exchanges among the three nations. “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 remarked.
Highlighting the significance of financial connectivity, Prime Minister Modi emphasized the transformative impact of digital infrastructure in India, noting its widespread adoption even in remote villages. He underscored the convenience and efficiency of digital payments, which have become integral to daily transactions for businesses and individuals alike.
The integration of UPI services in Sri Lanka and Mauritius aligns with the vision documents adopted during bilateral visits between India and these nations. Last year, discussions held during Sri Lankan President Ranil Wickremesinghe’s visit to India emphasized the importance of enhancing financial connectivity, while similar conversations with Mauritian PM Pravind Jugnauth underscored the mutual benefits of such initiatives.
India’s foray into the international digital payments landscape extends beyond Sri Lanka and Mauritius. Earlier this month, France became the first European country to accept UPI payments, allowing Indian tourists visiting attractions like the Eiffel Tower in Paris to purchase tickets seamlessly. Additionally, a memorandum of understanding (MoU) exchanged between the Reserve Bank of India and the Central Bank of UAE aims to integrate India’s UPI with the UAE’s Instant Payments Platform (IPP), fostering seamless transactions between the two nations.
As India continues to leverage its robust digital infrastructure to bolster financial connectivity globally, the introduction of UPI services in Sri Lanka and Mauritius reflects a broader commitment to advancing digital financial inclusion and fostering closer ties with partner nations.
Sources By Agencies
