UPI services in Sri Lanka, Mauritius symbol of Global South cooperation
Prime Minister Narendra Modi said on Monday (Feb 12) that the launch of UPI services in island countries Sri Lanka and Mauritius is a symbol of Bharat’s cooperation with the Global South. Addressing the launching ceremony virtually, PM said he was confident that Bharatiya tourists would prioritize these destinations with the availability of Unified Payments Interface (UPI).
“The Bharatiya diaspora in Sri Lanka and Mauritius will benefit from this initiative. This will reduce the dependence on hard currency. The use of UPI and Rupay card facilities will enable payments in our own currency at a cheaper rate,” PM said. “This launch is a symbol of Global South cooperation. Our relations are historic. Over the past 10 years, we have shown how Bharat stands firm with its neighbour in challenging times”.
Nations that are regarded as having a relatively low level of economic and industrial development are referred to as the Global South.
Bharat’s instant payment technology Unified Payment Interface (UPI) services were launched in Sri Lanka and Mauritius on Monday (Feb 12), in the virtual presence of Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth.
A key emphasis of Bharatiya government has been on ensuring that the benefits of UPI are not limited to Bharat only, but other countries, too, benefit from it. Also, RuPay card services have been launched in Mauritius. The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and facilitate usage of RuPay Card for settlements both in Bharat and Mauritius.
He said fintech connectivity will not only strengthen cross-border transactions but also cross-border connections. “FinTech connectivity will not only boost cross-border transactions but also connections. Bharat’s UPI (Unified Payment Interface) is now playing the role of ‘Uniting Partners with Bharat” – Narendra Modi, Prime Minister of Bharat
He asserted that Digital Public Infrastructure such as UPI has brought about changes in the smallest of villages in Bharat, as the technology is convenient and fast. In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI.
UPI partnership
Unified Payments Interface (UPI) is Bharat’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. UPI payment system has become hugely popular for retail digital payments in Bharat, and its adoption is increasing at a rapid pace.
