Prime Minister Narendra Modi will be present at the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius, on 12 February 2024 at 1 pm via video conferencing, the Ministry of External Affairs said in a press release on Sunday.
President of Sri Lanka, Ranil Wickremesinghe, and Prime Minister of Mauritius, Pravind Jugnauth will also attend the video conference.
Will Benefit Lakhs Of People In Sri Lanka And Mauritius
The launch of UPI in Sri Lanka and Mauritius is expected to benefit thousands of people through a faster and seamless digital transaction experience and enhance digital connectivity. UPI settlement services will become available for Indian nationals traveling to Sri Lanka and Mauritius as well as for Mauritian nationals traveling to India.
Success Story Of India’s UPI
As a Fintech technology, It is a major hit in India and has played a major role in the country’s digital payments success story. Unified Payments Interface has more than 380 million (38 crores) users in India, as per NPCI International Payments Limited (NIPL). In January, as many as 12.2 billion (1220 crore) transactions were made through the facility.
What is a UPI?
According to the official website of the National Payments Corporation of India (NPCI), It is “a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
UPI was first launched on 11th April 2016 by Dr Raghuram G Rajan, the then RBI Governor, in Mumbai. Recently, India’s UPI payment system was launched in France. Tourists can now book tickets for the Eiffel Tower in Paris through the mechanism.