PM Modi hails UPI launch in Sri Lanka and Mauritius
Prime Minister Modi highlighted the potential impact on tourism, as destinations accepting UPI become more appealing to Indian tourists
The introduction of India’s Unified Payments Interface (UPI) system in Sri Lanka and Mauritius on February 12 signifies a crucial step towards bolstering digital connectivity within the Indian Ocean region. Alongside UPI, the launch also saw the rollout of RuPay card services in Mauritius. Prime Minister Narendra Modi emphasized the historical bonds being fortified through digital means, underscoring the role of this initiative in fostering cross-border partnerships and connectivity.
This strategic move enables Indian nationals traveling to Sri Lanka and Mauritius, as well as Mauritian nationals visiting India, to access UPI settlement services. Moreover, the extension of RuPay card services in Mauritius streamlines transactions for travelers, reducing the reliance on hard currency exchanges.
Prime Minister Modi highlighted the potential impact on tourism, as destinations accepting UPI become more appealing to Indian tourists. Additionally, the initiative promotes real-time transactions in local currencies, offering cost-effective solutions for both countries.
The virtual launch ceremony witnessed the participation of key leaders, including Prime Minister Pravind Jugnauth of Mauritius, Sri Lanka’s President Ranil Wickremesinghe, India’s External Affairs Minister S Jaishankar, and Governors of the central banks of the three countries. This collective engagement underscores the collaborative effort among these nations to enhance digital connectivity and financial services, marking a significant milestone in regional cooperation.
The adoption of UPI holds promise for accelerating digital transformation efforts in Sri Lanka and Mauritius. Its efficiency and speed in facilitating digital transactions can have far-reaching implications across various sectors, including tourism, by providing a seamless payment experience. Prime Minister Modi also hinted at the potential for peer-to-peer (P2P) transactions in the future, indicating a broader vision for leveraging fintech innovations to promote inclusive financial services.
India’s commitment to its “neighborhood first” policy is evident in the launch of UPI and RuPay in Sri Lanka and Mauritius. By sharing its technological advancements and development experiences, India aims to strengthen regional cooperation and connectivity. Furthermore, India’s leadership in fintech innovation is underscored by the success of UPI and RuPay, positioning the country as a key player in the global payments ecosystem.
The initiative to export UPI and RuPay to other countries reflects India’s ambition to expand its influence in the international payments landscape. Collaborations such as the acceptance of UPI in France demonstrate the growing recognition of India’s fintech capabilities globally. Moreover, the acceptance of UPI in various countries, including Singapore, Bhutan, and the UAE, highlights its relevance and effectiveness on the international stage, paving the way for increased collaboration and economic integration across borders.
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