India’s Unified Payments Interface (UPI) services were introduced in Sri Lanka and Mauritius at a virtual event attended by Prime Minister Narendra Modi, Mauritian PM Pravind Jugnauth, and Sri Lanka’s President Ranil Wickremesinghe. The move comes amid New Delhi’s increasing bilateral economic ties with the two countries and signifies a step forward in financial connectivity.
The launch enables the availability of UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals traveling to India. Prime Minister Modi expressed confidence that the initiative would increase tourism between the countries and stated that Indian tourists would prefer destinations where UPI services are available.
PM Modi emphasized the revolutionary impact of Digital Public Infrastructure in India, highlighting the convenience and speed it offers for digital payments. Additionally, earlier this month, France allowed Indian tourists to buy tickets for the Eiffel Tower in Paris via UPI, making it the first European country to accept UPI payments. Furthermore, an essential Memorandum of Understanding (MoU) was exchanged between the Reserve Bank of India and the Central Bank of UAE last year, aiming to interlink the payment systems of both countries.
The introduction of India’s UPI services in Sri Lanka and Mauritius marks a significant development in financial connectivity, with potential benefits for tourism and economic ties between the countries involved. As the UPI service continues to expand to other nations, the impact on global financial connectivity and tourism is likely to grow.
