India Launches UPI and RuPay Services in Sri Lanka and Mauritius
India is extending its digital prowess to Sri Lanka and Mauritius by introducing Unified Payment Interface (UPI) services and RuPay card facilities. This move by the Ministry of External Affairs signifies a significant step towards fostering stronger economic ties and enhancing digital connectivity between India and its neighboring countries. Let’s delve deeper into what these services entail and how they will benefit the people of Sri Lanka and Mauritius.
Empowering Digital Transactions
Unified Payment Interface (UPI) services allow individuals to make instant real-time payments using their mobile phones. This technology, pioneered by the National Payments Corporation of India (NPCI), eliminates the need for cash transactions and provides a seamless payment experience. Additionally, RuPay cards, India’s indigenous card payment network, offer convenient and secure transactions at various points of sale, ATMs, and online platforms.
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Significance of the Launch
The introduction of UPI and RuPay services in Sri Lanka and Mauritius holds immense significance for several reasons:
- Strengthening Bilateral Ties: By extending these digital payment solutions, India aims to strengthen its economic and cultural ties with Sri Lanka and Mauritius. The initiative underscores India’s commitment to fostering cooperation and collaboration in the digital realm.
- Enhancing Financial Inclusion: UPI and RuPay services promote financial inclusion by providing easy access to digital payment options for individuals in Sri Lanka and Mauritius. This empowers people to participate in the digital economy and enjoy the benefits of cashless transactions.
- Facilitating Cross-Border Transactions: The launch of UPI services enables seamless cross-border transactions, allowing individuals to transfer funds between India, Sri Lanka, and Mauritius effortlessly. This promotes greater financial integration and facilitates trade and remittances between the countries.
#WATCH | First UPI transaction conducted by an Indian national in Mauritius. pic.twitter.com/AUoxvEvqqG
— ANI (@ANI) February 12, 2024
How It Works: UPI and RuPay in Sri Lanka and Mauritius
- UPI Services: To make UPI payments in Sri Lanka and Mauritius, individuals need to follow these steps:
- Download a UPI-enabled mobile application.
- Link their bank account to the UPI app.
- Activate international payments within the app settings.
- Scan the recipient’s QR code or enter their payment details.
- Confirm the transaction using their UPI PIN.
- RuPay Card Usage: In Mauritius, individuals can use RuPay cards for various transactions, including payments at merchants, withdrawals from ATMs, and online purchases. These cards offer the same convenience and security as traditional debit or credit cards.
India’s Leadership in Fintech
India has emerged as a global leader in financial technology (fintech) innovation, with UPI and RuPay being prime examples of its technological prowess. Prime Minister Narendra Modi has emphasized the importance of sharing India’s development experiences and innovative solutions with partner countries, promoting digital transformation and financial inclusion on a global scale.
