PM Modi launches UPI, RuPay card services in Sri Lanka and Mauritius

Shaktikanta Das, Governor of the Reserve Bank of India, Harvesh Seegolam, Governor of the Bank of Mauritius, and Dr. P. Nandalal Weerasinghe, Governor of Central Bank of Sri Lanka, were also present

Prime Minister Narendra Modi launched India’s Unified Payments Interface (UPI) services in Sri Lanka and Mauritius at a virtual ceremony on Monday and termed it a “special day” for the three friendly countries of the Indian Ocean Region.

India's RuPay card services were also launched in Mauritius at the virtual ceremony attended by Prime Minister Modi, his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe. Reserve Bank of India Governor, Shaktikanta Das, Bank of Mauritius Governor, Harvesh Seegolam, and Central Bank of Sri Lanka Governor, P Nandalal Weerasinghe were also present on the occasion.

"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. I believe that Sri Lanka and Mauritius will benefit from the UPI system," Modi said at the launch.

 

The launch of the Indian services in Sri Lanka and Mauritius came amid New Delhi's increasing attempts to enhance bilateral economic ties with the two countries.

Noting that the digital public infrastructure has brought about a revolutionary change in India, the prime minister also highlighted India's focus on its "neighbourhood first policy".

"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," he said.

The collaborations on India’s digital payments connectivity with Mauritius and Sri Lanka through UPI and RuPay will deepen financial integration and strengthen the long historical, cultural, and economic relations of India with Mauritius and Sri Lanka, said a release issued by the Reserve Bank of India (RBI).

The launch will enable an Indian traveler to pay a merchant in Mauritius using UPI. Similarly, a Mauritian traveller can do the same in India using the Instant Payment System (IPS) app of Mauritius. With the adoption of RuPay technology, Mauritius's MauCAS card scheme will enable Mauritius banks to issue RuPay cards domestically. These cards can be used at ATMs and PoS terminals locally in Mauritius, as well as in India. Mauritius becomes the first country outside Asia to issue cards using RuPay technology. Indian RuPay cards would also be accepted at ATMs and PoS terminals in Mauritius.

The digital payments connectivity with Sri Lanka will allow Indian travellers to make QR code-based payments at merchant locations in the island nation using their UPI apps. These projects have been developed and executed by NPCI International Payments Limited (NIPL) along with partner banks/non-banks from Mauritius and Sri Lanka, under the guidance and support of RBI.

The Bank of Mauritius and the Central Bank of Sri Lanka have also played an important role in making these possible. The above facilities have been made operational through select banks/nonbanks /Third Party Application Providers in India, Mauritius and Sri Lanka. Going forward, these facilities will be scaled up, RBI said.

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 inputs from PTI)