India’s Unified Payment Interface (UPI) services will be launched in Sri Lanka and Mauritius on Monday, February 12, 2024, in a virtual ceremony that will be attended by Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Pravind Jugnauth. The event will also mark the launch of RuPay card services in Mauritius, enhancing the digital connectivity between the countries.
What is UPI and RuPay?
UPI is an instant real-time payment system that enables inter-bank transactions through mobile phones. It was developed by the National Payments Corporation of India (NPCI) in 2016 and has emerged as a leader in fintech innovation and digital public infrastructure. UPI allows users to link multiple bank accounts to a single app and make seamless fund transfers and merchant payments.
RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online platforms. It offers low-cost, secure and convenient transactions to customers and merchants. RuPay cards can also be used for international transactions through partnerships with other payment networks.
How will UPI and RuPay benefit the people?
The launch of UPI and RuPay services in Sri Lanka and Mauritius will benefit a wide cross-section of people through a faster and seamless digital transaction experience. It will also facilitate the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India. The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and allow usage of RuPay card for settlements both in India and Mauritius.
What is the significance of the launch?
The launch of these services is taking place amid India’s increasing bilateral economic ties with Sri Lanka and Mauritius. India has been sharing its development experiences and innovation with partner countries, especially in the fields of digital technology, renewable energy, healthcare, education and infrastructure. The launch of UPI and RuPay services is another step towards strengthening the cooperation and partnership between India and the two island nations.
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