India’s Unified Payment Interface (UPI) is an instant payment technology service that has expanded its reach beyond national borders. On February 12, 2024, UPI services were officially launched in Sri Lanka and Mauritius, marking a significant milestone that was celebrated during a virtual event attended by Prime Minister Narendra Modi, Mauritius Prime Minister Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe.
The extension of UPI services to Sri Lanka and Mauritius demonstrates India’s commitment to fostering strong relationships with neighboring countries, and opens up new avenues for seamless digital transactions. Indian nationals traveling to Sri Lanka and Mauritius can now utilize UPI for their payments, which enhances convenience and speed. RuPay card services were also introduced in Mauritius alongside UPI, enabling Mauritian banks to issue cards based on the RuPay mechanism, facilitating card usage for settlements both in India and Mauritius. The availability of RuPay cards strengthens financial connectivity between the two countries.
During the virtual launch, Prime Minister Modi emphasized the importance of this event for the Indian Ocean region, stating that “Today is a special day for three friendly countries in the Indian Ocean region. We are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people.” PM Modi highlighted that fintech connectivity not only boosts cross-border transactions but also strengthens connections. UPI, often referred to as the “Uniting Partners with India,” has become a powerful tool for financial inclusion and digital empowerment. Even in the smallest villages of India, digital payments have become commonplace due to the convenience and speed offered by UPI.
The launch of UPI services in Sri Lanka and Mauritius marks a significant step toward enhancing digital connectivity, promoting financial inclusion, and strengthening ties between these neighboring nations and India.
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