Digital bridges: Launch of UPI and RuPay services unites India with Sri Lanka and Mauritius in fintech leap
| 2024-02-12
PM Narendra Modi, with President of Sri Lanka Ranil Wickremesinghe and PM of Mauritius Pravind Jugnauth
Prime Minister Modi points out strategic importance of digital initiatives in strengthening financial connectivity
In a landmark event that signifies a major leap forward in financial technology and digital connectivity, Prime Minister Narendra Modi, alongside the President of Sri Lanka Ranil Wickremesinghe, and the Prime Minister of Mauritius Pravind Jugnauth, jointly inaugurated the Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, as well as RuPay card services in Mauritius, via video conferencing on Monday (February 12, 2024).
This trilateral initiative marks an unforgettable milestone in the digital transformation journey of the involved. The introduction of UPI services in Sri Lanka and Mauritius, along with the expansion of RuPay card services in Mauritius, is set to revolutionize the way financial transactions are conducted, offering a seamless, secure, and efficient mode of digital payments to citizens and travelers alike.
Prime Minister Modi emphasized the significance of this collaboration, stating, "India's UPI or United Payments Interface comes in a new role today - Uniting Partners with India." He highlighted how the digital public infrastructure has revolutionized India, bringing about a sea change in financial transactions even in the remotest parts of the country. With more than 100 billion transactions worth Rs. 2 lakh crores taking place last year through UPI, the Prime Minister showcased the immense potential and reliability of digital payments.
The launch showcases India's leadership in Fintech innovation and its commitment to sharing its developmental experiences and technological advancements with partner countries.
By enabling UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India, the initiative aims to bond closer economic and people-to-people ties. Additionally, the extension of RuPay card services in Mauritius will allow local banks to issue RuPay cards, facilitating easier and more cost-effective transactions between India and Mauritius.
President Wickremesinghe of Sri Lanka expressed his hopes for continued connectivity and deepening relationships between the two countries, while Prime Minister Jugnauth of Mauritius highlighted the designation of the co-branded RuPay card as a domestic card in Mauritius, further easing the financial transactions for the citizens of both nations.
The Prime Minister of India also pointed out the strategic importance of these digital initiatives in strengthening financial connectivity and accelerating local economies and tourism. He expressed confidence that Indian tourists would prioritize destinations with UPI services, and the people of Indian origin living in Sri Lanka and Mauritius, along with students, would reap special benefits from this integration.
Today's launch not only sketches the success of Global South cooperation but also reinforces the historical and people-to-people relations between India, Sri Lanka, and Mauritius. Prime Minister Modi assured continued support to neighboring countries in times of crisis, emphasizing India's role as a first responder in various emergencies.
The successful launch of UPI and RuPay services in Sri Lanka and Mauritius is a premium example of the collaborative spirit and technological empowerment of these nations, expected to bring about a transformative change in the digital economy and enhance regional and global good.
This trilateral initiative marks an unforgettable milestone in the digital transformation journey of the involved. The introduction of UPI services in Sri Lanka and Mauritius, along with the expansion of RuPay card services in Mauritius, is set to revolutionize the way financial transactions are conducted, offering a seamless, secure, and efficient mode of digital payments to citizens and travelers alike.
Prime Minister Modi emphasized the significance of this collaboration, stating, "India's UPI or United Payments Interface comes in a new role today - Uniting Partners with India." He highlighted how the digital public infrastructure has revolutionized India, bringing about a sea change in financial transactions even in the remotest parts of the country. With more than 100 billion transactions worth Rs. 2 lakh crores taking place last year through UPI, the Prime Minister showcased the immense potential and reliability of digital payments.
The launch showcases India's leadership in Fintech innovation and its commitment to sharing its developmental experiences and technological advancements with partner countries.
By enabling UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India, the initiative aims to bond closer economic and people-to-people ties. Additionally, the extension of RuPay card services in Mauritius will allow local banks to issue RuPay cards, facilitating easier and more cost-effective transactions between India and Mauritius.
President Wickremesinghe of Sri Lanka expressed his hopes for continued connectivity and deepening relationships between the two countries, while Prime Minister Jugnauth of Mauritius highlighted the designation of the co-branded RuPay card as a domestic card in Mauritius, further easing the financial transactions for the citizens of both nations.
The Prime Minister of India also pointed out the strategic importance of these digital initiatives in strengthening financial connectivity and accelerating local economies and tourism. He expressed confidence that Indian tourists would prioritize destinations with UPI services, and the people of Indian origin living in Sri Lanka and Mauritius, along with students, would reap special benefits from this integration.
Today's launch not only sketches the success of Global South cooperation but also reinforces the historical and people-to-people relations between India, Sri Lanka, and Mauritius. Prime Minister Modi assured continued support to neighboring countries in times of crisis, emphasizing India's role as a first responder in various emergencies.
The successful launch of UPI and RuPay services in Sri Lanka and Mauritius is a premium example of the collaborative spirit and technological empowerment of these nations, expected to bring about a transformative change in the digital economy and enhance regional and global good.
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