Last Updated: February 11, 2024, 19:11 IST
the launch will profit a large cross-part of individuals by means of a quicker and seamless digital transaction expertise and improve digital connectivity between the international locations.
Developed by the National Payments Corporation of India (NPCI), UPI is an on the spot actual-time fee system to facilitate inter-financial institution transactions by means of cell phones. RuPay is a worldwide card fee community from India, with extensive acceptance at outlets, ATMs, and on-line
India’s Unified Payment Interface (UPI) companies shall be rolled out in Sri Lanka and Mauritius at a digital ceremony on Monday that shall be witnessed by Prime Minister Narendra Modi and the highest management of the 2 island nations.
India’s RuPay card companies would even be launched in Mauritius on the occasion Mauritian PM Pravind Jugnauth and Sri Lanka’s President Ranil Wickremesinghe will be a part of Modi on the digital ceremony, based on the Ministry of External Affairs (MEA).
“Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius on February 12 at 1 PM via video conferencing,” it mentioned.
Developed by the National Payments Corporation of India (NPCI), UPI is an on the spot actual-time fee system to facilitate inter-financial institution transactions by means of cell phones. RuPay is a worldwide card fee community from India, with extensive acceptance at outlets, ATMs, and on-line.
The launch of the Indian companies in Sri Lanka and Mauritius is going down amid New Delhi’s growing bilateral financial ties with the 2 international locations “India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. The prime minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries,” the MEA mentioned in an announcement.
It mentioned given India’s strong cultural and other people-to-folks linkages with Sri Lanka and Mauritius, the launch will profit a large cross-part of individuals by means of a quicker and seamless digital transaction expertise and improve digital connectivity between the international locations.
“The launch will enable availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India,” it mentioned.
“The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and facilitate usage of RuPay card for settlements both in India and Mauritius,” it added.
