Highlighting the pivotal role played by India in regional development, Modi reiterated the nation's unwavering commitment to extending support during times of crises, whether natural disasters, health emergencies, or economic challenges.
In a significant stride towards enhancing digital connectivity and financial inclusivity, India’s Unified Payment Interface (UPI) services were inaugurated in Sri Lanka and Mauritius on Monday. Prime Minister Narendra Modi, lauding the occasion, described it as a historic convergence of traditional ties with modern digital technology.
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| Prime Minister Modi |
The launch ceremony, conducted virtually, witnessed the participation of Prime Minister Modi alongside his Mauritian counterpart, Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe. Alongside the UPI services, India’s RuPay card services were also introduced in Mauritius during the event.
Addressing the attendees, Prime Minister Modi expressed optimism about the transformative potential of these fintech services in fostering closer economic cooperation between the nations. He underscored the importance of digital public infrastructure, emphasizing India’s commitment to its “neighbourhood first policy.”
“Today marks a special day for the three friendly countries of the Indian Ocean Region as we amalgamate our historic ties with modern digital technology,” remarked Prime Minister Modi. “I firmly believe that Sri Lanka and Mauritius will reap substantial benefits from the UPI system.”
Highlighting the pivotal role played by India in regional development, Modi reiterated the nation’s unwavering commitment to extending support during times of crises, whether natural disasters, health emergencies, or economic challenges.
The expansion of Indian fintech services into Sri Lanka and Mauritius signifies a deeper economic integration between the countries and underscores New Delhi’s commitment to bolstering bilateral ties. This initiative not only facilitates seamless financial transactions for travelers but also fosters greater economic cooperation between India and its neighboring nations.
Developed by the National Payments Corporation of India (NPCI), the UPI system enables instant real-time transactions through mobile phones, offering a convenient and secure mode of inter-bank transfers. Meanwhile, RuPay, India’s global card payment network, ensures widespread acceptance at various points of sale, ATMs, and online platforms.
The launch of UPI and RuPay services in Sri Lanka and Mauritius marks a significant milestone in the digital transformation journey of the Indian Ocean Region, promising enhanced financial accessibility and cooperation among the nations involved.
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