JOIN OUR WHATSAPP CHANNEL
PM Narendra Modi launches UPI services in Mauritius and Sri Lanka; Here's all we know about the inauguration HP: PM Modi launches
According to a statement released by the Ministry of External Affairs, the Unified Payment Interface services were introduced in Mauritius and Sri Lanka.
-
Prime Minister Modi launched India's UPI in Sri Lanka and Mauritius
-
The launch was also accompanied by the introduction of RuPay card services in Mauritius
On Monday, Prime Minister Narendra Modi announced the launch of India's Unified Payment Interface (UPI) services in Mauritius and Sri Lanka. He stated that fintech connectivity will improve cross-border connections and transactions. In line with a strategic plan, RuPay card services were also launched in Mauritius at the same time.
PM Modi says introduction of UPI will strengthen cross-border connectivity
Prime Narendra Modi said in his speech during the virtual ceremony, "For the three friends (India, Mauritius, and Sri Lanka) in the Indian Ocean region, this is an important day. We are connecting our historical ties digitally. With fintech connectivity, not just cross-border payments, but cross-border connectivity will also strengthen. India’s UPI is playing a new role – uniting partners with India."
Prime Minister Pravind Jugnauth of Mauritius, President Ranil Wickremesinghe of Sri Lanka, Minister S Jaishankar of India for External Affairs, and Governors of the three central banks of the country participated in the virtual ceremony.
Indian Nationals can use UPI services in Sri Lanka and Mauritius
This launch will make UPI settlement services available to Indian nationals visiting Sri Lanka and Mauritius, as well as to Mauritius nationals visiting India. Banks in Mauritius will be able to issue cards based on the RuPay mechanism and make it easier for customers to use the RuPay card for settlements in both India and Mauritius, thanks to the expansion of RuPay card services.
Developed by the National Payments Corporation of India (NPCI), RuPay is an Indian-origin card payment network that is widely accepted at ATMs, online platforms, and points of sale across the world. UPI services, on the other hand, provide instantaneous real-time payment solutions using mobile phones.
Center's push to launch UPI in foreign nations
The RuPay network, which competes with Mastercard and Visa, and the UPI system have been pushed for export by the Center to other nations. This month, NPCI International Payments and Lyra, a French e-commerce and payments company, announced that UPI would be accepted in France, beginning with Eiffel Tower tickets. UPI is also accepted in the UAE, Singapore, and Bhutan, among other places.
ALSO READ: Pop Sensation Taylor Swift Beats Arijit Singh To Become The Second-Most Followed Artist On Spotify
Know more about UPI and RuPay
Latest Articles
