The introduction of India’s UPI services in the island nations of Mauritius and Sri Lanka, according to Prime Minister Narendra Modi, is a sign of India’s collaboration with the Global South.
Speaking virtually at the launch event alongside Prime Minister Pravind Jugnauth of Mauritius and President Ranil Wickremesinghe of Sri Lanka, PM Modi expressed his confidence that Indian travelers would prioritize these locations due to the availability of Unified Payments Interface (UPI).
“This program will help the Indian diaspora in Mauritius and Sri Lanka. This will lessen reliance on tangible money. Payments in our own currency would be possible at a lower cost with the usage of UPI and Rupay card services, PM Modi said.
“This launch represents collaboration in the Global South. Our relationship is ancient history. We have shown over the last ten years how India stands strong with its neighbor during trying times,” PM Modi said.
The term “Global South” refers to countries that are seen to have a comparatively low degree of economic and industrial development.
The Indian government has placed a strong focus on making sure that other nations may also profit from UPI, in addition to India.
Additionally, RuPay card services are now available in Mauritius. RuPay card services will be extended to Mauritius, allowing Mauritian banks to issue cards using the RuPay system there and facilitating the use of RuPay cards for settlements in both Mauritius and India.
In terms of digital public infrastructure and fintech innovation, India has become a global leader. India has made it a point to share its innovations and development experiences with its partner nations. The launch will benefit a broad range of people by enhancing digital connection between the nations and providing a speedier and more smoother digital transaction experience, especially considering India’s strong cultural and people-to-people links with Sri Lanka and Mauritius.
With the launch, Indian citizens visiting Sri Lanka and Mauritius as well as Mauritius nationals visiting India would be able to use UPI settlement services.
PM Modi went on to say that it was a significant occasion for three nations around the Indian Ocean.
“For three friendly nations in the Indian Ocean area, this is a momentous day. We are using current digital methods to link our historical ties now. This demonstrates our dedication to the advancement of our people,” Prime Minister Modi said.
Launch of UPI services in Mauritius and Sri Lanka as a sign of collaboration in the Global South: Today, PM Modi of India will launch the UPI in Mauritius and Sri Lanka. “FinTech connectivity will boost not only cross-border transactions but also connections,” he said. ‘Uniting Partners with India’ is now the role that India’s UPI (Unified Payment Interface) is playing,” he said.
Because the technology is quick and easy to use, he said that Digital Public Infrastructure like UPI has changed even the tiniest Indian communities.
According to PM Modi, a record 100 billion transactions of Rs 2 trillion were done using UPI in 2023.
“In India, digital public infrastructure has resulted in a dramatic shift. Because digital payments are quick and convenient, even the tiniest merchant in our little community uses them,” he said.
India’s mobile-based quick payment system, known as Unified Payments Interface (UPI), enables users to establish their own Virtual Payment Addresses (VPAs) and make instantaneous, round-the-clock payments.
In India, the UPI payment system has gained immense popularity for digital retail payments, and its uptake is happening quite quickly.
Thus far, India has collaborated on developing fintech and payment solutions with Sri Lanka, Mauritius, France, the United Arab Emirates, and Singapore.