Prime Minister Shri Narendra Modi, alongside Sri Lanka’s President H.E. Mr. Ranil Wickremesinghe and Mauritius’s Prime Minister H.E. Mr. Pravind Jugnauth, is set to observe the introduction of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, as well as the launch of RuPay card services in Mauritius. This significant event, scheduled for 12 February 2024 at 1 PM via video conferencing, marks a milestone in India’s fintech innovation and digital infrastructure development.
India’s rapid advancement in fintech and digital public infrastructure has positioned it as a global leader in the field. Prime Minister Modi has underscored the importance of sharing India’s developmental experiences and technological innovations with partner nations. With strong cultural and interpersonal ties between India, Sri Lanka, and Mauritius, this launch is poised to benefit a diverse range of individuals by facilitating faster and smoother digital transactions and bolstering digital connectivity among the countries.
The introduction of UPI settlement services will cater to the needs of Indian nationals traveling to Sri Lanka and Mauritius, as well as Mauritian nationals visiting India. Moreover, the extension of RuPay card services in Mauritius will empower Mauritian banks to issue cards based on the RuPay mechanism locally. This initiative will enable the seamless usage of RuPay cards for transactions within both India and Mauritius, fostering greater financial inclusivity and convenience for individuals in both countries.
Prime Minister Modi’s emphasis on leveraging digital solutions to enhance connectivity and foster economic cooperation between nations reflects India’s commitment to leveraging technology for socio-economic development. By extending its fintech expertise and digital infrastructure to Sri Lanka and Mauritius, India aims to strengthen bilateral relations and promote inclusive growth across borders.
The launch of UPI and RuPay card services is not only a testament to India’s technological prowess but also underscores the country’s role as a reliable partner in promoting digital transformation globally. This initiative aligns with India’s vision of leveraging technology as a tool for empowerment and economic progress, both domestically and internationally.
Furthermore, the collaboration between India, Sri Lanka, and Mauritius in the fintech space signifies a broader trend of regional cooperation and integration in the digital economy. As countries increasingly recognize the importance of digital connectivity and interoperability, initiatives like the introduction of UPI and RuPay card services serve as catalysts for fostering closer ties and driving shared prosperity in the region.
Overall, the launch of UPI and RuPay card services in Sri Lanka and Mauritius underscores India’s commitment to leveraging technology for inclusive growth and strengthening partnerships with neighboring countries. By facilitating seamless digital transactions and enhancing financial connectivity, this initiative paves the way for greater economic cooperation and collaboration in the digital age.
