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India’s UPI is set to be introduced in Sri Lanka and Mauritius on February 12

In addition to the Unified Payments Interface(UPI), RuPay card services will also be rolled out in Mauritius.

By  Storyboard18Feb 12, 2024 12:32 PM
India’s UPI is set to be introduced in Sri Lanka and Mauritius on February 12
This move is expected to provide a quicker and smoother digital transaction experience, benefiting a diverse range of individuals and enhancing digital connectivity between the countries. (Image source: Moneycontrol)

The Unified Payments Interface (UPI) from India will be introduced in Sri Lanka and Mauritius on February 12, joining the expanding group of nations where the system is either recognized or integrated with their own rapid payment networks.

The launch will witness Prime Minister Narendra Modi, Sri Lanka President Ranil Wickremesinghe, and Mauritius Prime Minister Pravind Jugnauth in attendance, video conferencing, at 1 PM on February 12. The central bank governors of the respective countries will also be present at the launch.

The Indian government announced on February 11 that the launch of RuPay card services alongside the UPI in Mauritius reflects India's strong cultural and people-to-people ties with both Sri Lanka and Mauritius. This move is expected to provide a quicker and smoother digital transaction experience, benefiting a diverse range of individuals and enhancing digital connectivity between the countries.

The launch will make UPI settlement services accessible to Indian citizens visiting Sri Lanka and Mauritius, as well as to Mauritian citizens travelling to India. Moreover, the expansion of RuPay card services in Mauritius will empower Mauritian banks to issue cards using the RuPay mechanism within Mauritius, facilitating the use of RuPay cards for transactions in both India and Mauritius.

In recent years, Indian authorities have actively promoted the use of the rupee and its payment systems globally. In July 2022, the RBI announced the establishment of a mechanism for settling global trade in rupees. Furthermore, in July of the previous year, India signed a Memorandum of Understanding (MoU) to connect the UPI with the UAE's Instant Payment Platform (IPP). This move closely followed Prime Minister Modi's announcement during his visit to France, where he stated that Indian tourists would be able to use UPI to make rupee payments from the top of the Eiffel Tower. Prior to this, in February, India and Singapore signed an agreement to link the UPI with Singapore's fast payments system PayNow. Additionally, discussions are underway with Indonesia, as well as countries in Latin America and Africa, for similar collaborations.

First Published on Feb 12, 2024 12:32 PM
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