India to expand UPI and RuPay services to Sri Lanka and Mauritius

Cross-border digital integration: India is set to introduce its Unified Payments Interface (UPI) system and RuPay services in Sri Lanka and Mauritius. The launch ceremony, scheduled for February 12, 2024, will witness the participation of Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritian Prime Minister Pravind Jugnauth, who will inaugurate the adoption of UPI in their respective countries via video conferencing at 1 PM.

This initiative highlights India's emergence as a global leader in Fintech innovation and its focus on sharing developmental experiences with partner nations. With robust cultural ties and people-to-people linkages between India, Sri Lanka, and Mauritius, the extension of UPI and RuPay services is poised to revolutionise digital transactions, facilitating faster and seamless financial exchanges between countries.

By extending UPI services to Sri Lanka and Mauritius, India aims to strengthen bilateral relations and foster economic development in the Global South through enhanced digital connectivity.

What is UPI?

Unified Payments Interface (UPI) is a real-time digital payments infrastructure developed by the National Payments Corporation of India (NPCI), enabling round-the-clock interbank transactions through simple payment addresses. Its international expansion aligns with India's multipronged development partnership approach, aimed at sharing proven open-source innovations like the India Stack with emerging economies.

The introduction of UPI in Sri Lanka and Mauritius is expected to bring specific transactional benefits for Indian tourists and businesses, facilitating seamless digital transactions in local currencies and reducing foreign exchange challenges. 

RuPay's island reach

Moreover, the launch of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on the RuPay mechanism, facilitating convenient payments both in India and Mauritius.
Unlike traditional infrastructure projects, India's focus on digital public infrastructure aims to empower nations to create people-focused, creative digital services tailored to local needs.