The connectivity of India’s instant digital payment technology, the Unified Payment Interface (UPI), with Sri Lanka and Mauritius was launched on Monday.
The Prime Minister of India, Narendra Modi, the Prime Minister of Mauritius, Pravind Kumar Jugnauth, and the President of Sri Lanka, Ranil Wickremesinghe, witnessed the virtual launch of RuPay cards and UPI connectivity between India and Mauritius, as well as UPI connectivity between India and Sri Lanka.
Shaktikanta Das, Governor of the Reserve Bank of India, Harvesh Seegolam, Governor of the Bank of Mauritius, and Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, were also present on the occasion.
According to a release by the Reserve Bank of India, the collaborations on India’s digital payments connectivity with Mauritius and Sri Lanka through UPI and RuPay will deepen financial integration and strengthen the long historical, cultural, and economic relations of India with Mauritius and Sri Lanka.
With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI. Similarly, a Mauritian traveller will be able to do the same in India using the Instant Payment System (IPS) app of Mauritius.
Furthermore, with the adoption of RuPay technology, the MauCAS card scheme of Mauritius will enable banks in Mauritius to issue RuPay cards domestically. These cards can be used at automated teller machines (ATMs) and point of sale (PoS) terminals locally in Mauritius as well as in India. With this development, Mauritius becomes the first country outside Asia to issue cards using RuPay technology. Indian RuPay cards would also be accepted at ATMs and PoS terminals in Mauritius.
The digital payments connectivity with Sri Lanka will enable Indian travellers to make quick response (QR) code-based payments at merchant locations in Sri Lanka using their UPI apps.
These projects have been developed and executed by NPCI International Payments Limited (NIPL) along with partner banks/non-banks from Mauritius and Sri Lanka, under the guidance and support of the Reserve Bank of India. The Bank of Mauritius and the Central Bank of Sri Lanka have also played an important role in making these possible. The above facilities have been made operational through select banks/non-banks/third-party application providers in India, Mauritius, and Sri Lanka. Going forward, these facilities will be scaled up, the Reserve Bank of India said.
First Published: Feb 12 2024 | 5:14 PM IST