UPI and RuPay's leap to Sri Lanka and Mauritius | Fusion - WeRIndia

India is taking significant strides in the global fintech landscape, with the latest initiative seeing the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, along with the extension of RuPay card services in Mauritius.

This landmark event was attended by all the country leaders, including Prime Minister Narendra Modi via video conferencing. It underscores India’s commitment to sharing its technological advancements with partner countries.

The Ministry of External Affairs highlighted the importance of this launch, pointing out the deep cultural and people-to-people connections India shares with Sri Lanka and Mauritius.

The introduction of UPI services is set to revolutionize the way transactions are conducted by Indian nationals abroad, offering a seamless and efficient digital payment experience.

Moreover, Mauritian nationals visiting India will also benefit from this initiative, facilitating smoother financial exchanges between the visitors and local entities.

Additionally, the expansion of RuPay card services in Mauritius marks a significant milestone.

It will allow Mauritian banks to issue RuPay cards, enabling transactions not just within Mauritius but also in India. Thus, it fosters greater financial integration and convenience for cardholders travelling between the two countries.

The backdrop to these developments was set earlier, with agreements inked during President Wickremesinghe’s visit to New Delhi in July 2023 for UPI’s acceptance in Sri Lanka.

Furthermore, the fintech firm PhonePe’s move to support cross-border UPI payments under UPI International in various countries, including Mauritius, set the stage for a broader acceptance of UPI abroad.

This expansion reflects India’s burgeoning influence in digital innovation and fintech, with UPI at the forefront of revolutionizing retail digital payments.

The system’s ease of use is facilitated by the creation of a Virtual Payment Address.

It has seen its popularity soar among Indian consumers, making it a model for international financial transactions.

India continues to extend its digital payment infrastructure beyond its borders. The launch in Sri Lanka and Mauritius is just the beginning of a larger movement towards global digital connectivity.

It offers a glimpse into a future where financial transactions are boundless, instant, and inclusive.

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