India’s Unified Payment Interface (UPI) services are expanding globally with the latest rollout set to commence in Sri Lanka and Mauritius. The launch ceremony, taking place virtually on Monday, will be attended by Prime Minister Narendra Modi and the top leadership of both island nations. Additionally, India’s RuPay card services will be introduced in Mauritius during the event.
According to the Ministry of External Affairs (MEA), Mauritian Prime Minister Pravind Jugnauth and Sri Lanka’s President Ranil Wickremesinghe will join PM Modi at the virtual ceremony.
The MEA stated, “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 on February 12 at 1 PM via video conferencing.”
UPI, developed by the National Payments Corporation of India (NPCI), is an instant real-time payment system facilitating inter-bank transactions through mobile phones. RuPay, an Indian global card payment network, is widely accepted at shops, ATMs, and online platforms.
The launch of these Indian services in Sri Lanka and Mauritius occurs amidst increasing bilateral economic ties between New Delhi and the two countries.
“India has now emerged as a leader in Fintech innovation and Digital Public Infrastructure. The prime minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries,” stated the MEA.
Given India’s strong cultural and people-to-people connections with Sri Lanka and Mauritius, the launch aims to benefit a broad spectrum of people, enhancing digital transaction experiences and connectivity between the nations.
Furthermore, the launch will enable UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India.
Extending RuPay card services in Mauritius will allow Mauritian banks to issue RuPay-based cards and facilitate their usage for settlements in both India and Mauritius.
PhonePe, India’s largest UPI app by market size, recently raised USD 350 million in funding as part of its USD 1 billion fundraising ahead of an initial public offering (IPO).
The UPI payment system has gained immense popularity for retail digital payments in India, with its adoption rapidly increasing. It allows customers to make instant round-the-clock payments using a virtual payment address (VPA) created by the customer.