On February 12, India's UPI will be introduced in Mauritius and Sri Lanka

On February 12, India's UPI will be introduced in Mauritius and Sri Lanka

RuPay card services, in addition to Unified Payments Interface, or UPI, will be introduced in Mauritius.

India is promoting the use of the rupee and its payment and settlement systems denominated in rupees around the world.

On February 12, Sri Lanka and Mauritius will welcome India's Unified Payment Interface (UPI), adding to the increasing number of nations where the payment system is either accepted or connected to a fast-payment network of its own.

On February 12 at 1 pm, Prime Minister Narendra Modi, President Ranil Wickremesinghe of Sri Lanka, and Prime Minister Pravind Jugnauth of Mauritius will participate in a video conference to witness the inauguration. At the launch, the governor of the relevant central bank will also be in attendance.

RuPay card services will also be introduced in Mauritius in addition to UPI.

The Government of India stated, "Given India's strong cultural and people-to-people linkages with Sri Lanka and Mauritius, this launch would benefit a broad variety of people via speedier and smoother digital transaction experience and digital connectivity between the nations." would rise." on February 11, in a declaration.

With this introduction, Indian nationals visiting Sri Lanka and Mauritius as well as Mauritius citizens visiting India would be able to use UPI settlement services. RuPay card services are being extended to Mauritius, which will allow Mauritian banks to issue cards based on the RuPay system there and make it easier for Indian and Mauritius residents to use RuPay cards for settlements.

With the RBI declaring intentions to build up a mechanism to settle global commerce in the rupee in July 2022, Indian officials have been working to promote the usage of the rupee and its payment systems abroad over the last several years. India struck an agreement in July of last year to connect UPI to the UAE's Instant Payment Platform, or IPP. This followed Modi's announcement that Indian visitors will be able to use UPI to make payments in rupees from the top of the Eiffel Tower during his visit to France. An agreement to connect UPI and PayNow, Singapore's quicker payment system, was struck earlier in February by India and Singapore. Talks are ongoing with Latin American and African nations in addition to Indonesia.