A major event in Sri Lanka and Mauritius. Today, these two island nations are set to launch Unified Payments Interface (UPI) services at 1 PM. Three leaders, Prime Minister Narendra Modi of India, Sri Lankan President Ranil Wickremesinghe, and Mauritius Prime Minister Pravind Jugnauth, are set to participate in a virtual meeting to commemorate the launch of UPI services in their respective countries. This initiative aims to enhance digital connectivity and facilitate seamless financial transactions among the three nations.
What is UPI?
The Unified Payments Interface (UPI), makes quick money transfers through mobile applications 24*7 for 365 days, developed by the National Payments Corporation of India (NPCI) in 2016. It is a real-time payment system that facilitates inter-bank transactions through applications. It allows person-to-person and person-to-merchant transactions. UPI also has a QR code payment system.
What services are being launched through video conferences?
According to the Ministry of External Affairs, Sri Lanka and Mauritius are going to launch:
Launch of Indian payment system UPI services in Sri Lanka and Mauritius: Indian nationals travelling to these two island nations can use the UPI payment system. Mauritius residents can also use UPI services in India.
Launch of the RuPay card in Mauritius: Mauritius is introducing the RuPay card. This initiative will allow Mauritian banks to issue RuPay cards, enabling Mauritians to make seamless transactions in India and Mauritius. Additionally, Indian nationals visiting Mauritius can conveniently use their RuPay cards for payments, eliminating the need for currency exchange and enhancing the overall travel experience. This collaboration promotes financial inclusivity and fosters economic growth in both countries.
Countries that are using UPI services:
