India Launches Unified Payment Interface (UPI) Services in Sri Lanka, Strengthening Digital Financial Connectivity
In a significant development aimed at enhancing economic ties and fostering digital connectivity, India successfully launched its Unified Payment Interface (UPI) services in Sri Lanka and Mauritius on February 12. The virtual ceremony, attended by Indian Prime Minister Narendra Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri Lanka’s President Ranil Wickremesinghe, marked a collaborative effort to strengthen bilateral relations in the realm of financial technology.
Crafted by the National Payments Corporation of India (NPCI), the UPI services offer instantaneous real-time payment solutions through mobile phones. Additionally, the RuPay card payment network, of Indian origin, was highlighted for its global recognition and widespread acceptance at various points of sale, ATMs, and online platforms.
The initiative underscores New Delhi’s commitment to bolstering economic ties with Sri Lanka and Mauritius, emphasizing digital connectivity and financial cooperation. The Ministry of External Affairs (MEA) highlights India’s leadership in fintech innovation and digital public infrastructure, with Prime Minister Modi actively promoting the exchange of development experiences and innovative solutions with partner nations.
The launch of UPI services is poised to enhance accessibility for Indian citizens visiting Sri Lanka and Mauritius, as well as for Mauritian nationals traveling to India. The move aligns with India’s broader strategy to promote seamless cross-border financial transactions.
Understanding UPI Transactions Abroad:
To facilitate UPI payments in Mauritius and Sri Lanka, individuals are required to register their bank accounts with a UPI-enabled mobile application. Once the bank account is linked, users must provide recipient information, including bank account number, IBAN, and BIC, while specifying the transfer amount and currency.
Step-by-Step Guide for UPI Payments in Mauritius and Sri Lanka:
1. Open the UPI app and navigate to the home screen.
2. Tap on the profile picture.
3. In the Payment Settings section, select UPI International.
4. Tap on Activate next to the desired bank account for international UPI payments.
5. Confirm the activation by entering the UPI PIN.
6. Once international payments are activated, scan the QR code provided by the merchant.
7. Enter the desired amount, displayed in both local currency and Indian rupees.
8. Tap on “Pay.”
9. Complete the transaction by entering the UPI PIN.
This expansion of UPI services exemplifies India’s commitment to embracing financial technology and fostering international collaboration, as nations increasingly look towards digital solutions for seamless financial transactions.