Prime Minister Narendra Modi will attend the launch ceremony of Unified Payments Interface (UPI) services in Sri Lanka and Mauritius and RuPay card service in Mauritius on February 12, 2024 at 1 pm via video conferencing, the Ministry of External Affairs said. press release issued Sunday. Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth will also attend the video conference.
The launch of UPI in Sri Lanka and Mauritius is expected to benefit thousands of people through a faster and seamless digital transaction experience and enhance digital connectivity. UPI settlement services will be available to Indian nationals traveling to Sri Lanka and Mauritius and Mauritian nationals traveling to India.
The Ministry of Foreign Affairs of Mauritius said: “The expansion of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on the RuPay mechanism in Mauritius and facilitate the use of RuPay cards for settlement in India and Mauritius.”
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What is Unified Payment Interface?
According to the official website of the National Payments Corporation of India (NPCI), UPI is “a system that supports multiple bank accounts into a single mobile app (of any participating bank), integrating multiple banking features, seamless fund routing and merchant payments Consolidated into one hood. It also caters for ‘peer-to-peer’ collection requests that can be arranged and paid for based on requirement and convenience.”
UPI was first launched in Mumbai on April 11, 2016 by Dr. Raghuram G Rajan, then Governor of the Reserve Bank of India.
The success story of India’s UPI mechanism
As a fintech technology, UPI has gained huge popularity in India and has played a major role in the success story of digital payments in the country. According to NPCI International Payments Limited (NIPL), Unified Payments Interface has over 380 million (380 million) users in India. In January, the transaction volume through the facility was as high as 1,220 crore (Rs 1,220 crore).
Recently, India’s UPI payment system was launched in France. Tourists can now book tickets for the Eiffel Tower in Paris through UPI mechanism.