Prime Minister Narendra Modi, along with his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe, attended a virtual ceremony to officially launch India's groundbreaking UPI services in Sri Lanka and Mauritius.

The introduction of the digital payment network guarantees that both countries can enjoy the convenience of utilizing UPI for conducting real-time transactions. Furthermore, Indian nationals visiting the two countries will no longer be dependent on alternative payment methods, which are often inconvenient.

During the ceremony, PM Modi remarked that the day held significance for three friendly countries in the Indian Ocean region. He emphasized the modernization of historical relations through digital connectivity as evidence of their dedication to the development of their respective populations.

He further stated that Fintech connectivity would not only enhance cross-border transactions but also strengthen cross-border connections. PM Modi noted that India's UPI is now tasked with a new responsibility - forging partnerships with other nations.

In addition to UPI, the expansion of RuPay card services in Mauritius will enable Mauritian banks to issue cards using the RuPay system. Introduced by the Indian government in 2012, RuPay cards are aimed to disrupt the dominance of Visa and Mastercard.

The rollout of UPI in the two Indian Ocean nations follows closely after the service's recent official availability at the iconic Eiffel Tower in Paris, France.

In 2016, the National Payments Corporation of India introduced the groundbreaking UPI system, which facilitates peer-to-peer and person-to-merchant transactions between banks. Operated on mobile devices, it enables instant fund transfers between two bank accounts.

Platforms like PhonePe and PayTM were among the earliest adopters of UPI integration. Following their lead, numerous competitors joined in the following year. Since then, UPI has become a formidable force, drawing interest even from foreign nations.

One of UPI's major attractions is its open architecture, allowing for seamless integration. Users can directly link their bank accounts and initiate transactions with ease.

Image source: India Today