Prime Minister Modi Launches UPI and RuPay Card Services in Sri Lanka and Mauritius for Seamless Digital Transactions

Orhan Wadia
Orhan Wadia  - Editor
3 Min Read

In a momentous event on February 12, 2024, the Prime Minister of India, Shri Narendra Modi, jointly inaugurated RuPay Card and Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, along with the President of Sri Lanka, H.E. Mr. Ranil Wickremesinghe, and the Prime Minister of Mauritius, H.E. Mr. Pravind Jugnauth. The inauguration ceremony, conducted through video conferencing, also marked the introduction of RuPay card services in Mauritius.

During the event, Prime Minister Pravind Jugnauth revealed that the co-branded RuPay card in Mauritius would be designated as a domestic card. This significant development is expected to greatly benefit the citizens of both nations, facilitating seamless financial transactions.

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President Ranil Wickremesinghe of Sri Lanka extended congratulations to Prime Minister Modi for the consecration of Shri Ram Mandir in Ayodhya Dham and emphasized the longstanding economic ties between the two countries. He expressed optimism about maintaining the momentum of connectivity and deepening bilateral relations.

Addressing the occasion, Prime Minister Modi highlighted the historical connections between India, Sri Lanka, and Mauritius, evolving into modern digital connectivity. He emphasized the government’s commitment to the development of its people and underscored that fintech connectivity would strengthen cross-border transactions.

Prime Minister Modi elaborated on India’s successful implementation of the Unified Payments Interface, with over 100 billion transactions worth significant sums in the previous year. He emphasized the transformative impact of digital public infrastructure in India, promoting transparency, reducing corruption, and increasing inclusivity in society.

The Prime Minister reaffirmed India’s ‘Neighborhood First’ policy, emphasizing the maritime vision of Security and Growth for All in the Region (SAGAR). He highlighted the importance of financial connectivity in the Vision Document adopted during the previous visit of the Sri Lankan President.

Expressing confidence in the benefits of UPI for Sri Lanka and Mauritius, Prime Minister Modi envisioned a boost in digital transformation, positive changes in local economies, and increased tourism promotion. He anticipated Indian tourists prioritizing destinations with UPI and emphasized the special benefits for people of Indian origin in Sri Lanka and Mauritius.

Notably, Prime Minister Modi celebrated the launch of the RuPay card in Mauritius, extending the reach of this payment system to Africa after its successful introduction in Nepal, Bhutan, Singapore, and the UAE. The Prime Minister highlighted the potential for real-time, cost-effective, and convenient payments in local currencies, paving the way for future cross-border remittances.

In concluding his address, Prime Minister Modi expressed gratitude to President Ranil Wickremesinghe and Prime Minister Pravind Jugnauth for their pivotal roles in the launch. He also thanked the central banks and agencies of the three countries for their contributions to the successful implementation of UPI and RuPay card services.

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