India Launches UPI And Rupay Payment Services In Sri Lanka , Leading figures from both island nations, including President Ranil Wickremesinghe of Sri Lanka and Prime Minister Pravind Jugnauth of Mauritius, attended the event on Monday.
Prime Minister Narendra Modi oversaw the expansion of India’s Unified Payment Interface (UPI) services to Mauritius and Sri Lanka in a virtual event. Leading figures from both island nations, including President Ranil Wickremesinghe of Sri Lanka and Prime Minister Pravind Jugnauth of Mauritius, attended the event on Monday. Present were Reserve Bank of India (RBI) Shaktikanta Das, Indian Foreign Minister S Jaishankar, and other officials from the three nations.
An important development in India’s bilateral commercial ties with Mauritius and Sri Lanka has resulted from the move. The extension of UPI services makes it possible for Indian nationals visiting Sri Lanka and Mauritius, as well as Mauritius nationals visiting India, to settle payments easily.
This achievement demonstrates India’s dedication to building closer economic links with its neighbors, enabling more seamless financial transactions, and improving connectivity throughout the region.
As they embrace contemporary digital connectedness, Modi’s speech on collaboration between India, Sri Lanka, and Mauritius marked an important turning point in their historical relations. The Prime Minister emphasized the occasion and the government’s steadfast dedication to people-centric development.
Modi emphasized that improved connectivity would support cross-border transactions and connections while focusing on the fintech industry. He emphasized how India’s UPI, which is currently reaching out to join partners with India, is playing a transformative role.
The prime minister praised the role that digital public infrastructure has played in India, a country where even the farthest-flung merchants use UPI to do business, making digital payments easy. He emphasized the startling volume of UPI transactions, pointing out that over 100 billion transactions last year were valued at Rs 2 lakh crores, or 8 trillion Sri Lankan or 1 trillion Mauritius rupees.
Additionally, Modi described the last-mile delivery system that uses mobile phones, Aadhar, and bank accounts to integrate. This system has made it easier to send Rs 34 lakh crores, or almost 400 billion US dollars, to recipient accounts. Additionally, he praised India’s CoWin Platform for coordinating the largest vaccination campaign in history and illuminating the revolutionary potential of technology to advance social inclusion, reduce corruption, and promote transparency.
With a focus on the inseparability of India’s development from that of its neighbors, the Prime Minister reaffirmed the nation’s commitment to SAGAR (Security and Growth for All in the Region), underscoring India’s ‘Neighborhood First’ policy.
UPI service was formally launched during the Republic Day Reception on February 2 at France’s famous Eiffel Tower. The update was posted by the Indian Mission in France on the social networking site X, which was formerly Twitter. The post highlighted how this endeavor is a step towards Prime Minister Narendra Modi’s goal of taking UPI worldwide.