India Launches UPI Payment Services in Sri Lanka and Mauritius

India launched UPI payment services in Sri Lanka and Mauritius during a virtual ceremony attended by PM Modi and the top leadership of the two nations. The move enables UPI settlement services for Indian nationals travelling to these countries and for Mauritian nationals visiting India.

Impacts

The availability of UPI in Sri Lanka and Mauritius will enable Indian citizens traveling to these countries to conveniently use the interface for their transactions. At the same time, Mauritian citizens visiting India can also utilize UPI for payments.

The launch of RuPay cards in Mauritius will allow banks there to issue RuPay debit and credit cards. Citizens can then use these cards for both domestic transactions as well as payments in India.

India Leading in Digital Innovations

India has established itself as a global leader in financial technology innovations and digital public infrastructure projects. The Indian government has actively promoted the sharing of India’s developmental experiences and technological capabilities.

The latest launches tie into the larger vision of enhancing digital connectivity and improving access through digital transactions. Given the deep cultural and diasporic links between India and the two nations, it is likely to benefit a broad cross-section of people.

Similar Initiative in Bahrain

• In a similar initiative earlier this month, the Indian Embassy in Bahrain installed a digital fee collection kiosk within its premises. The self-service kiosk will enable over 340,000 NRIs and Indian expatriates in Bahrain to access key passport and consular services more easily.
• The touch-screen kiosk set up in collaboration with ICICI Bank and SADAD electronic payment system allows visa and passport applicants to securely pay requisite fees through debit/credit cards.

Other services that can be availed at the kiosk include attestation, marriage registration, and birth registration for Indian citizens in Bahrain.

Promoting Digital Transactions Globally

The launches and partnerships to extend Indian digital payment interfaces across South Asia and Africa ties into India’s wider efforts to promote digital transactions globally.

UPI and RuPay are among India’s most successful fintech innovations that have achieved remarkable adoption rates domestically. Their extension to foreign shores will facilitate the growing transactions between India and its diaspora while advancing Digital India vision.

Category: Economy & Banking Current Affairs - 2024 • International / World Current Affairs