India to Launch UPI services in Sri Lanka

Monday, 12 February 2024 - 11:29

In a significant move towards enhancing digital connectivity and financial inclusion, India is set to introduce Unified Payment Interface (UPI) services in Sri Lanka and and RuPay card services in Mauritius. The virtual launch ceremony, scheduled for Monday, February 12 at 2:30 pm, will witness the participation of high-level officials including Prime Minister Narendra Modi, Mauritian PM Pravind Jugnauth, and Sri Lanka’s President Ranil Wickremesinghe.

According to the Ministry of External Affairs (MEA), the initiative aims to extend India's Fintech innovation and digital infrastructure to its partner countries, leveraging robust cultural and people-to-people linkages. The UPI, developed by the National Payments Corporation of India (NPCI), facilitates real-time inter-bank transactions via mobile phones, providing a seamless payment experience for users.

The launch event signifies India's commitment to sharing its developmental experiences and technological innovations with partner countries, fostering greater financial inclusion and connectivity. The  initiative is expected to benefit a diverse range of individuals and businesses, promoting faster and more convenient digital transactions.

The extension of these services is poised to contribute significantly to the growth and integration of the digital economy in the region, facilitating smoother financial transactions and enhancing trade and commerce between the participating nations.

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