The launch of the Unified Payments Interface (UPI) in Sri Lanka and Mauritius is set to significantly benefit the Indian diaspora residing in these countries by enabling easier and more cost-effective transactions.
This development is emblematic of the cooperation between… pic.twitter.com/c3JQ6WlB74
— Ashish Sood (Modi Ka Parivar) (@ashishsood_bjp) February 12, 2024
The launch of Unified Payments Interface (UPI) Mauritius in Sri Lanka and India is a significant step in fintech connectivity between the countries. India had earlier launched UPI services in France and before that India had launched UPI services in Nepal, Singapore, Bhutan and the United Arab Emirates. The expansion reflects India’s commitment to promoting digital cooperation and facilitating cross-border trade.
Prime Minister Modi emphasized the importance of this event and stated that Mauritius hosts a large number of Indian tourists, and approximately 5,000 Indian tourists visit the country every year. Additionally, approximately 20,000 people of Indian origin live in Mauritius. He added that digital connectivity between India and these countries will not only help boost economic growth but also strengthen bilateral relations.
Rupay card services and UPI services have also been launched in Sri Lanka and Mauritius. Sri Lankan President Ranil Wickremesinghe welcomed the initiative and noted the long tradition of economic cooperation between India and Sri Lanka. He expressed hope that the new service will make doing business easier, save time for many people and contribute to economic development.
In Mauritius, Prime Minister Pravind Jugnauth announced the integration of Rupay cards with the country’s banks as a financial reform to promote access to financial services. He underlined the deep cultural and economic ties between India and Mauritius and stated that the launch of UPI is a testament to the close relationship between the two countries.
Unified Payments Interface was launched in India in 2016 and has since grown massively, with transaction volume reaching 1.823 billion rupees by December 2023 alone.
According to India’s digitally powered business vision strategy, the introduction of UPI in Mauritius and Sri Lanka is an important step to promote finance and promote digital connectivity in the Indian Ocean region.
