GG News Bureau
New Delhi, 13th Feb. Bharat’s unified payment interface (UPI) services have gained worldwide recognition. UPI services are currently operational in Singapore, UAE, Malaysia, Bhutan, and France. On Monday, these services were inaugurated through a virtual ceremony held in Sri Lanka and Mauritius. The Prime Minister of Bharat, Narendra Modi, the President of Sri Lanka, Ranil Wickremesinghe and the Prime Minister of Mauritius participated through a virtual medium. The introduction of UPI services will facilitate the payment process for Bharatiya citizens traveling to Sri Lanka and Mauritius, as well as for Mauritian citizens traveling to Bharat. This initiative will improve digital connectivity.
Historical connections are linked in a modern digital format
In his address on this occasion, Prime Minister Modi characterized today as a significant day for the three friendly nations of the Indian Ocean. He stated that in the present era, we are establishing digital connections among our historical connections in a contemporary manner. This demonstrates our commitment to the development of our people. This will increase tourism between Bharat, Sri Lanka, and Mauritius, he said. Furthermore, I am confident that Bharatiya tourists will also enjoy destinations where UPI services are available.
Big move towards strengthening Fintech Connectivity!
India's UPI and RuPay card services are now making waves in Sri Lanka and Mauritius, enhancing financial connectivity between nations. Witness the historic moment with the first UPI transaction conducted by an Indian citizen… pic.twitter.com/y5jiBQpPAc
— MyGovIndia (@mygovindia) February 12, 2024
The UPI system will help both countries
Prime Minister Modi said that the two countries agreed on a vision document last year when the Sri Lankan President and the Prime Minister of Mauritius visited Bharat. It was important to make it easier for people to get money online. The leader is sure that Sri Lanka and Mauritius will also benefit from joining the UPI system. He said he’s happy that RuPay card is being launched in Africa from Mauritius, after Nepal, Bhutan, Singapore, and the Gulf countries. This will make it easier for people from Mauritius to come to Bharat.
UPI goes Global!🤩
India's Unified Payments Interface goes International with launches in Sri Lanka and Mauritius!An instant, one-stop payment interface showcases 'Make in India, Make for the World'. #DigitalPayment #RuPay pic.twitter.com/EI8LBWxZCi
— MyGovIndia (@mygovindia) February 12, 2024
Digital technology has made a big difference in Bharat
Modi talked about how the internet has changed things a lot in Bharat. Even the smallest traders in our small villages are using digital technology because it’s convenient and fast. He said that through fintech connectivity, not only cross-border transactions, but also cross-border connections will be stronger. Bharat’s UPI is now playing a new role: Uniting Partners with Bharat. The leader of Bharat said that small sellers in remote villages are using digital payments because it’s easy and fast. Last year, UPI transactions reached Rs 2 lakh crore.
The Bharatiya “neighborhood first” policy
The Prime Minister said that Bharat has always put its neighbours first. Our idea of the sea is “SAGAR,” which means safety and growth for everyone in the area. Our aim is to make the whole area peaceful, safe, and grow. He said that during Corona, Bharat had started the biggest vaccination campaign in the world through the CoWin platform. Using technology has made things clearer and less dishonest. The economy is getting more inclusive. People trust the government more than ever. Bharat has always responded quickly to disasters, whether they are natural, health-related, economic, or international.
According to the NPCI data, the number of UPI transactions on August 30 was 10.24 billion. The deal was worth Rs 15,18,456.4 crore. In July, there were 9.96 billion UPI transactions, which is 996.4 crore more than in June. The transactions were worth Rs 15,33,645,20 crore.
To use UPI payments in Mauritius and Sri Lanka, you need to connect your bank account with a mobile app that supports UPI. Once the bank account is connected, users are asked to give the person receiving the money their bank account number, IBAN, and BIC. They also need to tell them how much money they want to transfer and in what currency.
