India has taken a significant step towards bolstering its financial cooperation and digital connectivity with the successful launch of its Unified Payment Interface (UPI) services in Mauritius and Sri Lanka. Additionally, in Mauritius, RuPay card services have been introduced, further enhancing the reach of Indian digital payment solutions.
- The Ministry of External Affairs (MEA) announced on February 12th that the UPI services have been initiated in both Mauritius and Sri Lanka. This move signifies India’s commitment to fostering bilateral economic ties and promoting digital innovation across borders.
- To utilize the UPI services in Mauritius and Sri Lanka, individuals are required to register their bank accounts through a compatible mobile application that supports UPI. Once the bank account is linked, users can specify the transfer amount and currency, along with recipient details such as their bank account number, IBAN, and BIC.
- The milestone of the first UPI transaction in Sri Lanka by an Indian citizen marks a significant advancement in cross-border digital payments. This accomplishment highlights the potential for further collaboration and growth in the realm of digital finance between India and its partner nations.
- India’s leadership in digital public infrastructure and fintech innovation is underscored by this initiative. The Prime Minister actively encourages partner countries to exchange development experiences and innovative solutions, emphasizing the importance of sharing knowledge and expertise for mutual benefit.
Through these strategic initiatives, India aims to strengthen economic ties, promote financial inclusion, and pave the way for seamless digital transactions across borders. As the world increasingly embraces digitalization, such efforts play a crucial role in fostering global connectivity and economic resilience.
The Success of UPI in India
The number of banks tied to UPI rose from only 21 in 2016 to 414 in 2024, added to the fact that the volume of transactions currently strikes at the rate of 12,203.06 nm with a sum of 18,41,083.97 crores.
