India’s Unified Payments Interface (UPI) services were officially launched in Sri Lanka and Mauritius, following a week’s rollout in France.
The launch event was attended virtually by Indian Prime Minister Narendra Modi, alongside his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe.
The introduction of UPI services in these countries will facilitate easier and faster digital transactions for Indian nationals traveling to Sri Lanka and Mauritius. Additionally, Mauritians visiting India will also be able to utilize UPI for their payments.
In conjunction with UPI, RuPay card services were also introduced in Mauritius, enabling Mauritian banks to issue RuPay cards that can be used for settlements in both India and Mauritius.
"Given India's robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries," the government said.
This expansion marks a significant milestone for the Indian digital payment system, which is developed by the National Payments Corporation of India (NPCI). UPI began its journey in India with a pilot launch on April 11, 2016, and has since evolved into a system that consolidates multiple bank accounts into a single mobile application, offering a range of banking features, seamless fund routing, and merchant payments.
The UPI system allows users to make payments round-the-clock using a virtual payment address, streamlining the process across different banking platforms.
"India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. Prime Minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries," the government has said.
This initiative is part of India's broader vision to share its fintech innovation and digital public infrastructure with partner countries. The government has emphasized India's emergence as a leader in fintech innovation, and the extension of UPI services internationally is a testament to this progress.
Earlier, NPCI International Payments Limited (NIPL) joined forces with Lyra, a renowned French expert in e-commerce and proximity payments. This collaboration marked a noteworthy achievement, with the iconic Eiffel Tower becoming the first merchant in the country to accept UPI payments. The initiative aimed to simplify the transaction process for Indian tourists visiting France.