PM Modi to inaugurate UPI services in Sri Lanka, Mauritius

In a move to strengthen India's efforts to expand its digital payment infrastructure and foster regional financial integration, Prime Minister Narendra Modi will join virtually, the launch of India's Unified Payments Interface (UPI) services in Sri Lanka and Mauritius, alongside the introduction of RuPay card acceptance in Mauritius, on February 12.  

The virtual ceremony will be attended by the presence of Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Pravind Jugnauth. Indian citizens can enjoy the benefits of UPI transactions in Sri Lanka and Mauritius. The citizens of Mauritian nationals traveling to India can also avail the benefits.

PM of India @narendramodi, PM of Mauritius @MauritiusPM, and President of Sri Lanka to witness historic launch of UPI and RuPay connectivity with Mauritius and Sri Lanka #UPI - #RuPay on February 12, 2024 at 1:00 PM.
Live at: https://t.co/8uDyl9x0A9@DasShaktikanta, @RBI,… pic.twitter.com/KwZL14xY2o

— ReserveBankOfIndia (@RBI) February 11, 2024

The Ministry of External Affairs said, "The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and facilitate usage of RuPay Card for settlements both in India and Mauritius."

Prime Minister Narendra Modi, President of Sri Lanka, Ranil Wickremesinghe and Prime Minister of Mauritius, Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius, tomorrow, 12… pic.twitter.com/7kPf7eMtuS

— ANI (@ANI) February 11, 2024

What benefits might Sri Lanka and Mauritius expect from launch of UPI services?

The launch of UPI in both nations is expected to benefit thousands of individuals and businesses by: 

• Simplifying transactions: Users can send and receive money instantly using their smartphones, eliminating the need for cash or traditional bank transfers. This translates to faster, more convenient transactions for people on the move.
• Enhancing regional connectivity: This initiative promotes closer economic ties between India, Sri Lanka, and Mauritius, facilitating smoother trade and tourism activities. It fosters a more connected region where financial transactions are seamless and efficient.
• Empowering travelers: Indian and Mauritian nationals traveling between the countries can now leverage UPI for their payments, offering greater convenience and avoiding currency exchange hassles. This simplifies travel experiences and removes unnecessary hurdles.

UPI: Revolutionizing digital payments

Launched in 2016, UPI has revolutionized India's digital payments landscape. With over 380 million users and 12.2 billion transactions processed in January 2024 alone, it stands as a testament to its success.

Key Advantages of UPI

• Instant transfers: Funds move immediately, unlike traditional bank transfers, speeding up financial transactions significantly.
• Cashless convenience: Promotes a cashless society, simplifies transactions, reduces theft risk, and contributes to a more hygienic environment.
• Rewards and incentives: Many UPI platforms offer attractive rewards and cashback to users, making it a cost-effective and potentially rewarding payment method.
• Privacy and security: Secure transactions with minimal data sharing ensure user privacy and financial safety.
• Multi-account accessibility: Link multiple bank accounts for centralized management, offering convenience and easy access to your finances.

Global expansion of UPI continues

India's UPI is steadily expanding its global footprint. Recent launches in France and now Sri Lanka and Mauritius showcase its potential to reshape international payments, making it a global contender in the digital payment space.