SATURDAY, JULY 27, 2024
team Herald
In a groundbreaking move, India's Unified Payments Interface (UPI) technology is scheduled to debut in Sri Lanka and Mauritius on February 12th. Prime Minister Narendra Modi, joined by Sri Lanka's President H.E Ranil Wickremesinghe and Mauritius' Prime Minister H.E. Pravind Jugnauth, will witness the launch of UPI services in these nations, alongside the introduction of RuPay card services in Mauritius.India, renowned for its Fintech innovation and Digital Public Infrastructure, is extending its digital capabilities to its partner countries. Prime Minister Modi has stressed the importance of sharing India's developmental experiences and innovations, aligning with the nation's commitment to global cooperation. This launch aims to benefit a diverse range of individuals in Sri Lanka and Mauritius, capitalizing on India's strong cultural and people-to-people connections with these countries.
The primary objective is to offer a faster, seamless digital transaction experience and boost digital connectivity between the participating nations. One significant outcome of this initiative is the availability of UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India.
This aligns with the global trend of promoting digital transactions and facilitating cross-border financial activities. Moreover, the extension of RuPay card services in Mauritius holds substantial implications for the country's financial landscape. Mauritian banks will now have the capability to issue cards based on the RuPay mechanism, empowering citizens with a versatile tool for digital transactions. Additionally, this development will facilitate the use of RuPay cards for settlements both in India and Mauritius, further enhancing financial interoperability between the two nations.
