UPI payment services launched in Sri Lanka, Mauritius; PM Modi describes it as ‘special day’

Sri Lanka
By Editor_1

NEW DELHI/COLOMBO – India’s Unified Payment Interface (UPI) services were on Monday (12) rolled out in Sri Lanka and Mauritius, with Prime Minister Narendra Modi describing it as linking historic ties with modern digital technology.

India’s RuPay card services were also launched in Mauritius at a virtual ceremony attended by Prime Minister Modi, his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe.

President Wickremesinghe emphasizing the centuries-old economic relations between India and Sri Lanka, said Sri Lanka hoped to maintain the momentum of connectivity and deepening of the relationship between the two countries.

In his remarks, Modi hoped the new fintech services would help the two nations and said the UPI is implementing “new responsibilities of uniting partners with India”.

“Today is a special day for the three friendly countries of the Indian Ocean Region as we are linking our historic ties with modern digital technology,” he said.

“I believe that Sri Lanka and Mauritius will benefit from the UPI system,” Modi said.

The prime minister said digital public infrastructure has brought about a revolutionary change in India where the smallest of vendors in the remotest of villages are transacting via UPI and making digital payments.

Speaking about the convenience and speed of UPI transactions, Modi noted that more than 100 billion transactions took place via UPI last year worth INR 2 lakh crores or 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees.

He spoke of making last-mile delivery through the JAM Trinity of bank accounts, Aadhar and mobile phones wherein 400 billion US dollars has been transferred into the bank accounts of beneficiaries, and said the use of technology was promoting transparency, reducing corruption and increasing inclusivity in society.

He also highlighted India’s focus on its ‘neighbourhood first policy’, and said, “Be it a natural disaster, health-related, economic or supporting on the international stage, India has been the first responder, and will continue to be so.” Describing India’s maritime vision as SAGAR i.e. Security and Growth for All in the Region, he said India does not see its development separately from its neighbours.

Referring to the Vision Document that was adopted during the last visit of the Sri Lankan President, Modi highlighted the strengthening of financial connectivity as its key component. He expressed confidence that connection with UPI will benefit Sri Lanka and Mauritius, digital transformation will get a boost, local economies will witness positive change and tourism will be promoted. “I am confident that Indian tourists will give priority to destinations with UPI. People of Indian origin living in Sri Lanka and Mauritius and students studying there will also get special benefits from it,” he added.

Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online.

With guidance from the Reserve Bank of India and the Central Bank of Sri Lanka, NPCI International Payments Limited of India and Lanka Pay of Sri Lanka have collaborated to enable the acceptance of UPI services through LankaQR. This will allow merchants in Sri Lanka to accept seamless digital payments from Indian tourists. Such interlinkage will generate ease among Indian tourists benefitting Sri Lanka’s tourism industry, as well as fostering greater connectivity in the FinTech and digital domain.

 -PTI/ENCL

 

Editor_1
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