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Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services
February 12, 2024
Prime Minister Narendra Modi will be virtually joined by his counterparts from Mauritius, Pravind Jugnauth, and Sri Lanka, President Ranil Wickremesinghe, in a landmark event to inaugurate Unified Payment Interface (UPI) services in Sri Lanka and Mauritius. Additionally, the launch will introduce RuPay card services in Mauritius. The ceremony, conducted via video conferencing, is scheduled for Monday.
This initiative aims to facilitate seamless financial transactions for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India. The extension of RuPay card services in Mauritius will empower local banks to issue cards based on the RuPay mechanism, enhancing convenience for users by enabling transactions in both countries.
The Indian government emphasized the significance of this development, highlighting India’s leadership in fintech innovation and digital infrastructure. Prime Minister Modi has consistently underscored the importance of sharing India’s developmental experiences and innovations with partner nations, reinforcing bilateral ties and fostering mutual growth.
In anticipation of the event, the Ministry of External Affairs issued a statement affirming India’s commitment to advancing financial technology and digital public infrastructure. Through initiatives like UPI and RuPay card services, India aims to enhance financial inclusion, promote digital transactions, and strengthen economic cooperation with its neighboring countries.
The launch of UPI and RuPay card services signifies a significant step towards realizing a digitally interconnected South Asia, facilitating smoother financial interactions and fostering greater regional collaboration in the digital economy.