New Delhi: Prime Minister Narendra Modi, alongside Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth, will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius through a video conferencing on Monday. This landmark initiative was announced by the Indian High Commission.
"The launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India", the Prime Minister's Office informed in a statement.
The release also stated, “India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. Prime Minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries. Given India’s robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries"
UPI Payments At Global Domain
The launch of UPI services in Sri Lanka and Mauritius follows India's recent formal launch of UPI at the iconic Eiffel Tower in Paris earlier this month. The move was hailed as a significant step towards globalising Modi's vision of India's instant payment system, developed by the National Payments Corporation of India (NPCI) in 2016.
Notably, PM Modi expressed his appreciation for the launch earlier this month, hailing it as a significant stride towards making UPI a global phenomenon. He said, "Great to see this- it marks a significant step towards taking UPI global. This is a wonderful example of encouraging digital payments and fostering stronger ties", reported PTI.
Unified Payment Interface (UPI) is a payment system that consolidates multiple bank accounts into a single mobile application, offering users seamless fund routing and merchant payments.