On Monday, Prime Minister Narendra Modi announced the launch of Bharat’s Unified Payments Interface (UPI) services in Sri Lanka and Mauritius, highlighting a significant step in Bharat’s cooperation with the Global South. Speaking virtually at the launch ceremony, PM Modi expressed confidence that the availability of UPI would attract Bharatiya tourists to prioritize these destinations.
PM Modi emphasized the benefits of UPI for the Indian diaspora in Sri Lanka and Mauritius, noting that it would reduce dependence on hard currency and enable payments in Indian rupees at a cheaper rate. He underlined the launch as a symbol of cooperation among nations of the Global South, citing the historic relations between India and its neighbors.
The virtual presence of President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth marked the launch event, emphasizing the collaborative effort between Bharat and the island nations. The extension of RuPay card services in Mauritius further enhances the digital connectivity between India and Mauritius, facilitating easier settlements between the two countries.
Bharat’s focus on extending the benefits of its fintech innovations beyond its borders underscores its commitment to sharing development experiences with partner countries. The launch of UPI and RuPay card services aims to provide a faster and seamless digital transaction experience for a wide cross-section of people, strengthening the digital connectivity between India, Sri Lanka, and Mauritius.
PM Modi highlighted the importance of the event for the Indian Ocean region, framing it as a modern digital connection between historically connected nations. He emphasized that fintech connectivity not only boosts cross-border transactions but also fosters stronger connections between nations.
The success of Bharat’s Digital Public Infrastructure, particularly the UPI system, was underscored by PM Modi, who cited a record 100 billion transactions valued at Rs 2 trillion in 2023. This revolutionary change has penetrated even the smallest villages in India, with businesses embracing digital payments for their convenience and speed.
Unified Payments Interface (UPI) has emerged as Bharat’s preferred mobile-based fast payment system, facilitating round-the-clock instant payments through Virtual Payment Addresses. Its popularity for retail digital payments has soared, with adoption increasing rapidly.
Bharat’s partnerships with countries like Sri Lanka, Mauritius, France, UAE, and Singapore on emerging fintech and payment solutions reflect its leadership in the field and its commitment to fostering global cooperation in financial technology.
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