Apart from UPI’s acceptance, several agreements were also exchanged between India and Sri Lanka in the presence of Prime Minister Narendra Modi and Sri Lankan President.
In a move towards enhancing cross-border digital transactions, the Ministry of External Affairs announced the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius on Monday, February 12. As part of this initiative, India has also introduced RuPay card services in Mauritius. To subscribe please click tau.id/2iy6f and access our live channel.
A week after Unified Payments Interface (UPI) was launched in France, Sri Lanka and Mauritius are the latest countries to enable the Indian digital payment system. The virtual ceremony was attended by Prime Minister Narendra Modi, Mauritian PM Pravind Jugnauth and Sri Lanka’s President Ranil Wickremesinghe.
DON’T MISS: A detailed Story on India’s Accessible Healthcare
Indians visiting the two countries will be able to use UPI to make payments while Mauritians travelling to India will also be able to use it. The extension of RuPay services will also enable Mauritian banks to issue RuPay cards and use them for settlements in both India and Mauritius.
How UPI Works Abroad
To facilitate UPI payments in Mauritius and Sri Lanka, individuals need to follow a registration process through a UPI-enabled mobile application.
Once the bank account is linked, users are prompted to provide recipient information, including the bank account number, IBAN, and BIC, along with specifying the transfer amount and currency.
Here are the steps to make UPI payments in Mauritius and Sri Lanka:
Step 1: Open the UPI app and navigate to the home screen.
Step 2: Tap on the profile picture.
Step 3: In the Payment Settings section, select UPI International.
Step 4: Tap on ‘Activate’ next to the chosen bank account for international UPI payments.
Step 5: Enter UPI PIN to confirm the activation.
Step 6: Once activated, scan the provided QR code by the merchant.
Step 7: Enter the desired payment amount displayed in both local currency and Indian rupees.
Step 8: Tap on “Pay.” Enter the UPI PIN to complete the transaction.
International Relations on UPI
Honourable PM of India stated, “This would increase the tourism between us (India, Sri Lanka and Mauritius). I am confident that Indian tourists would also prefer destinations where UPI services are available.”
Given India’s robust cultural and people-to-people linkages with Sri Lanka 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.
An official from Sri Lankan government said, “India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. Prime Minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries.”
Talking about digital infrastructure, PM Modi said,”Digital Public Infrastructure has brought about a revolutionary change in India. Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed.”
UPI in Europe and UAE
Earlier this month, France allowed Indian tourists visiting the iconic Eiffel Tower in Paris to buy tickets via UPI mechanism. France is the first European country to accept UPI payments. This UPI service will be extended to other tourism and retail merchants in the European nation.
Last year, an essential MoU was exchanged between the Reserve Bank of India and the Central Bank of UAE, aiming to interlink the payment and messaging systems of both countries. The MoU was also aimed at fostering seamless integration between India’s Unified Payments Interface (UPI) and the UAE’s Instant Payments Platform (IPP).
Conclusion
The UPI is a mobile-based payment system in India that allows round-the-clock payments via a virtual payment address. It powers multiple bank accounts into a single app and brings several banking features under one hood.
