New Delhi [India]February 12 (ANI): Prime Minister Narendra Modi on Monday said that India’s Unified Payments Interface (UPI) will implement new responsibilities to partner with India.
“Today is a special day for three friendly countries in the Indian Ocean region. Today, we connect our historical relationships in a modern digital way. This is proof of our commitment to the development of our people,” said Prime Minister Modi during the virtual ceremony. which today launched UPI services in Sri Lanka and Mauritius.
Addressing the event through video conferencing, PM Modi said that with Fintech connectivity, not only cross-border transactions but also cross-border connectivity will be enhanced.
Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Praveen Jugnauth were also present at the event which launched India’s UPI services in the two island nations.
“Thanks to Fintech connectivity, not only cross-border transactions, but also cross-border connections will be strengthened. India’s Unified Payments Interface, i.e. UPI, now fulfills a new duty of connecting partners with India,” he added. Mauritian Prime Minister Jugnauth, who was also present during the presentation through video conferencing, said that with the connectivity of digital payments, India-Mauritius ties have entered a new dimension.
“I am very pleased to join all of you in this important event. The Rupay card, created in conjunction with our national payment system MoCAS, will be designated as the domestic card of Mauritius. India and Mauritius have strong cultural, commercial and people-to-people ties. connections between people that go back centuries. Today, we provide another dimension to these relations.” “One of the highlights of the G20 meeting under India’s chairmanship was the commitment to improve access to digital services and digital public infrastructure and to harness the opportunities of digital transformation to promote sustainable and inclusive growth. Mauritius has already started this,” said the Prime Minister of Mauritius.
When the launch took place, the first UPI transaction was made by an Indian citizen in Mauritius. Separately, an Indian national in Sri Lanka also conducted the first UPI transaction.
Sri Lankan President Wickremesinghe said: “…For you, Prime Minister Modi, this is a second milestone because I must congratulate you on the opening of the Ram Mandir just a few weeks ago. This testifies to our economic and cultural ties.” when he greeted Prime Minister Modi.
“For thousands of years, payments have been made between our two countries, and at that time, unfortunately, there were no central banks. Our museums preserve a number of coins, South Indian coins over 1000 years old, which were found in different parts of villages or dry areas. This shows that South Indian trading corporations were very active, even in the villages. So what we are doing today is just a technological update. You have Lanka QR and NIPL together,” said Wickremesinghe.
“And of course, as more and more Indian tourists visit Sri Lanka, it will be used in every village in our country. Also, the transactions that happen between Sri Lanka and Tamil Nadu and Sri Lanka and Mumbai are such that it is definitely valuable…” he added.
The main emphasis of the Government of India has been to ensure that the benefits of UPI are not limited to India alone but to other countries as well. So far, Sri Lanka, Mauritius, France, UAE and Singapore have partnered with India for new fintech and payment solutions.
Given India’s strong cultural and people-to-people ties with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience and improved digital connectivity between the countries, the MEA said in a release.
The launch will enable access to UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as Mauritian nationals traveling to India.
The expansion of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on the RuPay mechanism in Mauritius and facilitate the use of RuPay cards for payments both in India and Mauritius, he added.
Notably, during Wickremesinghe’s visit to New Delhi in July 2023, India and Sri Lanka signed an agreement to adopt UPI in the island nation. (ANI)