Colombo: Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth will witness Monday, via video conferencing, the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, it was announced here Sunday.
The launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India, the Indian High Commission said in a statement.
“India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. Prime Minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries. Given India’s robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries,” the statement said.
Earlier this month, India formally launched UPI at the iconic Eiffel Tower in Paris, terming it as taking global Modi’s vision of the Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
Modi had earlier this month said: “Great to see this- it marks a significant step towards taking UPI global. This is a wonderful example of encouraging digital payments and fostering stronger ties.”
UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing, and merchant payments into one hood, according to NPCI.
PTI
