News Brief
Sri Lanka And Mauritius: The Latest Addition To Countries With UPI Services After France, All You Need To Know
Unified Payments Interface (UPI), an instant real-time payment system developed by NPCI. (Representative Image)
After getting formally launched at the Eiffel Tower in France's Paris, India's Unified Payments Interface (UPI) is set to be launched in Sri Lanka and Mauritius on Monday (12 February), NDTV reported.
In a virtual launch event at 1 pm, Prime Minister Narendra Modi will launch UPI in the two countries in the presence of his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe.
Along with that, RuPay cards will also be launched in Mauritius today. Mauritians travelling to India will be able to use UPI while Indians travelling to both these countries will be able to make UPI payments.
India's emergence as a leader in Fintech innovation and Digital Public Infrastructure was highlighted by a government official who said that the launch will benefit a wide cross-section of people.
The UPI is India's real-time mobile-based payment system and allows people to make round-the-clock payments through a virtual payment address created by the customer.
The UPI system powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood.
During launch in France, PM Modi expressed his vision of "taking UPI global." He added, "This is a wonderful example of encouraging digital payments and fostering stronger ties."
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