The revolutionary digital payment system of India, Unified Payments Interface (UPI) has crossed borders reaching Sri Lanka and Mauritius. Prime Minister Narendra Modi, along with his counterparts from both nations, inaugurated the service in a virtual ceremony on Monday. With this launch, not only can Indian tourists and businesses in Sri Lanka and Mauritius enjoy cashless convenience, but residents of both countries can also leverage the benefits of UPIs instant and secure transactions. The launch of Indias UPI services in Sri Lanka and Mauritius underscores the robust linkages between our countries. https://t.co/u9da79j7L2— Narendra Modi (@narendramodi) February 12, 2024Today is a special day for the Indian Ocean region, said PM Modi, highlighting the historical significance of this digital collaboration. He envisioned wider benefits, stating, Sri Lanka and Mauritius will also benefit by joining the UPI system.UPIs implementation in neighboring nationsThe expansion comes on the heels of successful UPI implementations in Bhutan, Nepal, and Singapore, solidifying Indias commitment to its Neighbourhood First policy and SAGAR vision for regional cooperation. Indian Prime Minister Modi emphasized its transformative role in India, with over 100 billion transactions processed last year, signifying its widespread adoption and economic contribution. He expressed hope that these new fintech services will benefit both Sri Lanka and Mauritius, fostering closer ties and propelling digital inclusivity.PM Modi, Today is a special day for three friendly countries of the Indian Ocean region. Today we are connecting our historical relations in a modern digital way. I am confident that Sri Lanka and Mauritius will also benefit by joining the UPI system, he added. Furthermore, Indias commitment to sharing its digital infrastructure extends beyond its immediate neighbors. Modi announced the creation of a Social Impact Fund to bring the benefits of UPI and other digital tools to developing countries worldwide.This expansion of UPI marks a crucial step towards regional financial integration and digital empowerment. As Prime Minister Modi aptly stated, India does not view its development in isolation from its neighboring friends.
