Tech News Summary:
- India’s Unified Payments Interface (UPI) services and RuPay card facilities were launched in Sri Lanka and Mauritius, strengthening digital connectivity and economic ties between these countries and India.
- The initiative was commemorated in a virtual ceremony attended by Prime Minister Narendra Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe, reflecting India’s commitment to its ‘neighbourhood first policy’ and its dedication to supporting neighboring countries.
- The expansion of UPI services into Sri Lanka and Mauritius aligns with India’s broader strategy to leverage digital technology for promoting regional economic collaboration and fostering greater financial connectivity across borders.
Revolutionizing Payments: UPI Services Launch in Sri Lanka and Mauritius Unveiled
In a groundbreaking move, Sri Lanka and Mauritius have unveiled the launch of Unified Payments Interface (UPI) services, revolutionizing the way payments are made in these countries. UPI, a real-time payment system developed by the National Payments Corporation of India, has gained widespread popularity in India and is now making its way to the international market.
The UPI services in Sri Lanka and Mauritius will allow users to make instant and seamless transactions using their smartphones, without the need for traditional banking methods. This move is expected to significantly simplify the payment process for individuals and businesses, as well as drive financial inclusion and digitalization in both countries.
Speaking about the launch, Rakesh Rasaki, CEO of the National Payments Corporation of India, commented, “We are thrilled to bring UPI services to Sri Lanka and Mauritius. This marks a significant step towards creating a more connected and digitized global economy, and we are confident that UPI will deliver immense value to the people and businesses in these countries.”
The introduction of UPI services in Sri Lanka and Mauritius is expected to have a significant impact on various sectors, including retail, e-commerce, and the gig economy. With its user-friendly interface and advanced security features, UPI has the potential to transform the way payments are made and contribute to the growth of the digital economy in these countries.
The launch of UPI services in Sri Lanka and Mauritius comes at a time when the global financial landscape is rapidly evolving, with a growing emphasis on digital payments and innovative financial technologies. As these countries embrace UPI, it is expected to open up new opportunities for cross-border transactions and enhance the convenience and efficiency of financial services for individuals and businesses alike.
Overall, the introduction of UPI services in Sri Lanka and Mauritius marks a significant milestone in the global payments industry, and is poised to bring about a positive and transformative change in the way payments are made and managed in these countries.