Unified payments interface launched in Mauritius and Sri Lanka |14 February 2024
The launch of UPI live streamed in Seychelles at the Indian High Commission (Photos: Contributed)
On Monday, Prime Minister of India, Shri Narendra Modi along with President of Sri Lanka, Ranil Wickremesinghe, and Prime Minister of Mauritius, Pravind Jugnauth witnessed the launch of Unified Payment Interface services in Sri Lanka and Mauritius and also RuPay card services in Mauritius.
The launch will enable availability of Unified Payment Interface (UPI) settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as Mauritian nationals travelling to India.
The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism and facilitate usage of RuPay card for settlements both in India 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.
Unified Payments Interface (UPI) is a system in India 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 system.
A total of 480 banks and 70 payment service providers are at present integrated with the UPI which is secure and incredibly user friendly. The process of sending / receiving money is as simple as sending a text message on a smart phone. It is no wonder then that with over 380 million users in India, UPI has become a dominant payment method in India.
It is estimated nearly 40 percent payments done in India are digital. In January 2024 alone, UPI recorded over 12.2 billion transactions, emphasising its widespread adoption. The remarkable achievement solidifies its position as the world's most efficient instant payment system.
Around the world, France accepts UPI Interface payment mechanism, starting with the iconic Eiffel tower in January 2024. Indian tourists can now make secure online transactions by using UPI powered apps. Lyra is the partner in France.
In UAE, Indian tourists can now make seamless payments through BHIM UPI across NEOPAY (payment subsidiary of Mashreq Bank) enabled shops and merchant stores.
In Singapore, the cross-border linkage between UPI and PayNow of Singapore is enabling Indians to receive instant, secure and cost-effective remittances from Singapore based Indian Diaspora directly to their bank accounts.
Discussions are ongoing with other countries including Seychelles. The number of Indian tourists in Seychelles is increasing. There is also a substantial Indian diaspora as well as Indian expatriate workers in Seychelles.
Linkage through UPI will attract more tourists to Seychelles and also enable Seychelles to tap the Indian market more effectively. Such a mechanism will also help Seychelles citizens visiting India for tourism or medical purposes, taking advantage of a seamless digital transaction experience and enhance digital connectivity between the countries.
Bhutan, Nepal, Singapore, UAE and Mauritius accept RUPAY Cards.
Compiled by Vidya Gappy