India took a significant stride in its financial outreach on February 12 by inaugurating its Unified Payments Interface (UPI) system in Sri Lanka and Mauritius. Alongside, the RuPay card services were introduced in Mauritius, marking a strategic move to enhance connectivity and ease financial transactions in the region.
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#UPIExpansion #GlobalPayments #FinancialInclusion #DigitalIndia #ModiInitiative #InternationalPartnerships #UPIinSriLanka #UPIinMauritius #DigitalTransformation #Fintech #EconomicDiplomacy #RuPayExpansion #IndiaGlobal #DigitalPayments #ModiVision #FinancialConnectivity #ModiLeadership #UPI4World #MauritiusRuPay #SriLankaRuPay
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NewsTranscript
00:00 India took a significant stride in its financial outreach on February 12 by inaugurating its
00:08 Unified Payments Interface (UPI) system in Sri Lanka and Mauritius.
00:14 Alongside the Rupekat services were introduced in Mauritius, marking a strategic move to
00:18 enhance connectivity and ease financial transactions in the region.
00:22 For the three friends - India, Mauritius and Sri Lanka in the Indian Ocean region, this
00:26 is an important day.
00:28 Prime Minister Narendra Modi said during the launch, "We are connecting our historical
00:32 ties digitally.
00:33 With FinTech connectivity, not just cross-border payments, but cross-border connectivity will
00:38 also strengthen.
00:39 India's UPI is playing a new role, uniting partners with India," he added.
00:45 The inauguration will broaden access to UPI settlement services for Indian citizens travelling
00:50 to Sri Lanka and Mauritius, as well as for Mauritian nationals journeying to India.
00:54 Additionally, the expansion of Rupekat services in Mauritius empowers Mauritian banks to issue
00:59 cards utilising the Rupe mechanism domestically, thereby facilitating seamless transactions
01:05 within both India and Mauritius.
01:07 The virtual ceremony was graced by the presence of Mauritian Prime Minister Pravind Jogannath,
01:13 Sri Lanka's President Ranil Vikram Singh, India's External Affairs Minister S.J. Shankar
01:18 and governors from the central banks of the three nations.
01:22 Both countries will benefit from UPI as it will increase the speed of digital transformation
01:27 and will benefit tourism in our countries.
01:29 Indian tourists will also prioritise destinations which accept UPI.
01:34 People from Mauritius coming to India will have to buy fewer hard currencies and we can
01:38 transact in our own currencies in real time at a lower cost.
01:41 Eventually, we can also move towards peer-to-peer transactions as well," the PM added.
01:46 Prime Minister Modi also said that India has a "neighbourhood first" policy and its
01:50 aim is to ensure peace, security and development of the entire Indian Ocean region.
01:55 India has emerged as a leader in fintech innovation and digital public infrastructure.
02:00 The Prime Minister has placed a strong emphasis on sharing our development experiences and
02:04 innovation with partner countries.
02:06 Given India's robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the
02:11 launch will benefit a wide cross-section of people through a faster and seamless digital
02:16 transaction experience and enhance digital connectivity between the countries, the Ministry
02:21 of External Affairs said in a statement.
02:23 The government has been actively promoting the export of its UPI system and the Roupey
02:27 network, which stands as a competitor to global giants like Mastercard and Visa, to various
02:32 nations.
02:33 Just this month, NPCI International Payments, in collaboration with Lyra, a leading French
02:37 e-commerce and payments company, revealed the introduction of UPI acceptance in France,
02:42 initially focusing on ticket purchases for the iconic Eiffel Tower.
02:46 Moreover, countries such as Singapore, Bhutan and the UAE have already embraced UPI as a
02:51 preferred payment method, among others.
02:53 [Music]