India launches UPI payment services in Sri Lanka, Mauritius; PM Modi says 'our policy is neighborhood first'
UPI services were rolled out in Sri Lanka and Mauritius during a virtual ceremony attended by PM Modi and the top leadership of the two island nations.
India's Unified Payment Interface (UPI) services were rolled out in Sri Lanka and Mauritius on 12 February during a virtual ceremony attended by Prime Minister Narendra Modi and the top leadership of the two island nations.
Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe joined Modi at the virtual ceremony. The launch of the Indian services in Sri Lanka and Mauritius came amid India's increasing bilateral economic ties with the two countries.
Calling it a special day, PM Modi said, "Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people. Through Fintech connectivity, not only cross-border transactions but also cross-border connections will be strengthened. India's Unified Payments Interface i.e. UPI is now performing a new responsibility - Uniting Partners with India."
The Prime Minister also added that digital Public Infrastructure has brought about a revolutionary change in India. “Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed…," he said.
He also highlighted India's focus on its "neighbourhood first policy". “India's policy is- Neighborhood First. Our maritime vision is- 'SAGAR', i.e. Security And Growth for All in the Region. Our goal is peace, security and development in the entire region. India does not see its development in isolation from its neighbouring friends," he said.
PM Modi said that the availability of UPI services in tourist destinations will increase tourism between three countries. "This would increase the tourism between us (India, Sri Lanka and Mauritius). I am confident that Indian tourists would also prefer destinations where UPI services are available," he added.
Meanwhile, the move enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India. Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online.
(With agency inputs)
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!