“PM Modi Leads Launch of Digital Payment Link Between India, Mauritius, and Sri Lanka”
Prime Minister Narendra Modi, along with Mauritian counterpart Pravind Kumar Jugnauth and Sri Lankan President Ranil Wickremesinghe, participated in a virtual event to inaugurate the RuPay and Unified Payments Interface (UPI) linkage between Mauritius and India. This initiative aims to revolutionize cross-border financial transactions and promote seamless and secure payments for customers in both countries.
The virtual launch event was attended by key dignitaries including the Governors of the Bank of Mauritius and the Reserve Bank of India, emphasizing the significance of this collaboration in enhancing financial connectivity.
PM Jugnauth highlighted the project’s importance in strengthening cultural and commercial ties between India and Mauritius, expressing gratitude for India’s support in leveraging digital transformation in Mauritius. He praised the innovative digital platform, Mauritius Central Automated Switch (MAUCAS), for its role in driving fintech developments.
Prime Minister Modi underscored the project’s role in creating modern digital links among friendly countries in the Indian Ocean Region and highlighted India’s digital infrastructure’s revolutionary impact. He emphasized the potential for cross-border remittances and person-to-person payment facilities, promoting economic growth and tourism.
The Governor of the Bank of Mauritius, Seegolam, hailed the launch as a significant milestone in enhancing financial connectivity and promoting digital transactions, emphasizing its benefits for customers, merchants, and banks involved.
SBI Mauritius Ltd (SBIML) has taken a significant step in enhancing the digital payment landscape by introducing RuPay Card and UPI services in collaboration with the Bank of Mauritius (BOM), aiming to revolutionize digital transactions, increase competition, and benefit stakeholders across the board.