UPI and RuPay launch in Sri Lanka and Mauritius

India's UPI and RuPay expansion to Sri Lanka, Mauritius:

The inauguration of UPI and RuPay, two Indian payment systems, in Sri Lanka and Mauritius marks the strengthening of bilateral economic relations between New Delhi and the two nations. At a virtual ceremony today (12 February), the Unified Payment Interface (UPI) and RuPay card services will be implemented in Sri Lanka and Mauritius.

The Ministry of External Affairs (MEA) has announced that at 1:00 PM today, Prime Minister Narendra Modi, Prime Minister Pravind Jugnauth of Mauritius, and President Ranil Wickremesinghe of Sri Lanka will all be in attendance, emphasizing the benefits of UPI and RuPay services in Sri Lanka, Mauritius. The National Payments Corporation of India (NPCI) has created the UPI, a real-time payment system designed to facilitate interbank transactions via mobile phones. Comparable to Visa or Mastercard, RuPay is an internationally recognized card payment network originating from India, which enjoys extensive acceptance across various channels including online platforms, retail establishments, and ATMs.

"In the realm of digital public infrastructure and Fintech innovation, India has emerged as a frontrunner. "Partner nations are encouraged to share our development experiences and innovations at the behest of the prime minister," the MEA said in a statement.

Cross-border payment solutions in Sri Lanka, Mauritius:

The statement further stated that the launch will improve digital connectivity between the countries and benefit a broad cross-section of the population by facilitating faster and more seamless digital transactions, owing to India's strong cultural and interpersonal ties with Sri Lanka and Mauritius.

India's digital payment systems in international markets:

"The launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India," according to it. "The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and facilitate usage of RuPay card for settlements both in India and Mauritius," said the statement.