New Delhi: In a significant move towards enhancing digital connectivity and financial collaboration, Indian Prime Minister Narendra Modi, along with Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth, jointly inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius. The launch ceremony, conducted via video conferencing, also included the introduction of RuPay card services in Mauritius.
Prime Minister Pravind Jugnauth of Mauritius announced that the co-branded RuPay card would be designated as a domestic card in Mauritius, foreseeing substantial benefits for citizens of both countries. The launch is expected to facilitate cross-border transactions and strengthen financial connectivity.
President Ranil Wickremesinghe of Sri Lanka congratulated Prime Minister Modi on the consecration of Shri Ram Mandir in Ayodhya and emphasized the centuries-old economic relations between the nations. He expressed the hope to maintain momentum in connectivity and deepen the relationship between Sri Lanka and India.
Prime Minister Modi, addressing the occasion, highlighted the historic significance of the modern digital connect between India, Sri Lanka, and Mauritius. He emphasized that India’s UPI, previously known for Unified Payments Interface, is now performing a new role – Uniting Partners with India. The Prime Minister underlined the transformative impact of digital public infrastructure in India, enabling even the smallest vendors in remote villages to conduct transactions via UPI.
During his address, Prime Minister Modi stressed that the policy of ‘Neighborhood First’ and the maritime vision of Security and Growth for All in the Region (SAGAR) are integral to India’s development strategy, emphasizing the importance of strengthening financial connectivity with neighboring nations.
The launch event symbolizes the success of Global South cooperation, with UPI extending its services beyond India’s borders. Prime Minister Modi expressed confidence that the connection with UPI will benefit Sri Lanka and Mauritius, promoting digital transformation, positive changes in local economies, and boosting tourism.
Highlighting the success of the RuPay card globally, Prime Minister Modi announced its launch in Africa through Mauritius, following its introduction in Nepal, Bhutan, Singapore, and the UAE in Asia. The move is expected to reduce the need for hard currency and facilitate real-time, cost-effective, and convenient payments in local currencies.
The Prime Minister concluded by expressing gratitude to President Ranil Wickremesinghe and Prime Minister Pravind Jugnauth for their vital roles in the launch. He also thanked the central banks and agencies of the three countries for their collaboration in making this initiative successful.
This launch is a testament to India’s commitment to sharing its development experiences and innovation, fostering stronger ties with Sri Lanka and Mauritius through digital connectivity.