Today, Prime Minister Narendra Modi declared that India’s Unified Payment Interface (UPI) is taking on new responsibilities by fostering connections with partner nations. In a virtual ceremony inaugurating UPI services in Sri Lanka and Mauritius, PM Modi described the day as special for three amicable countries in the Indian Ocean region, emphasizing the modern digital approach to strengthening historical ties.
PM Modi, addressing the event via video conferencing, highlighted the role of Fintech connectivity in not only enhancing cross-border transactions but also strengthening cross-border connections. The launch, attended by Sri Lanka President Ranil Wickremesinghe and Mauritius Prime Minister Praveen Jugnauth, marked a significant step in expanding UPI services to the two island nations.
The Indian Prime Minister emphasized that India’s UPI is now undertaking the novel responsibility of uniting partners with India through Fintech connectivity. Prime Minister Jugnauth, also participating in the launch through video conferencing, expressed that the digital payment connectivity has ushered in a new dimension in the relations between India and Mauritius.
During the ceremony, the first UPI transactions in Mauritius and Sri Lanka were conducted by Indian nationals. Mauritius Prime Minister Jugnauth noted that the co-branded Rupay card with their national payment switch, MoCAS, will become the domestic card in Mauritius, further deepening cultural and commercial ties between the two nations.
Sri Lanka President Wickremesinghe congratulated PM Modi on the opening of the Ram Mandir and acknowledged the historical ties between India and Sri Lanka. He highlighted the upgrade in technology for transactions, citing the presence of ancient South Indian coins in Sri Lankan museums as evidence of historical trade.
The article also emphasized the Indian government’s commitment to ensuring the global benefits of UPI, with Sri Lanka, Mauritius, France, UAE, and Singapore already partnering with India on emerging fintech and payment solutions. The launch aims to provide a faster and seamless digital transaction experience, benefiting a wide range of people and enhancing digital connectivity between the countries.
The extension of RuPay card services in Mauritius is expected to facilitate transactions for Indian and Mauritian nationals traveling between the two countries. The MEA release underlined the significance of the launch in promoting cultural and people-to-people linkages, with the agreement on UPI’s acceptance in Sri Lanka signed during Wickremesinghe’s visit to New Delhi in July 2023.
