Prime Ministers Narendra Modi of India, Pravind Jugnauth of Mauritius, and Ranil Wickremesinghe of Sri Lanka took part in the virtual ceremony. RuPay is an international card payment network with Indian origins that is widely accepted at ATMs, online retailers, and points of sale. It was devloped by the National Payments Corporation of India . On the other hand, UPI services offer mobile users instantaneous, real-time payment options.
Sri Lanka and Mauritius both implemented the Unified Payment Interface services, the Ministry of External Affairs said in a statement. In Mauritius, RuPay card services were also introduced.
As part of a strategic initiative, India has successfully launched its Unified Payment Interface services in Mauritius and Sri Lanka. In addition, RuPay card services have been introduced in Mauritius. An Indian completed the first UPI transaction in Sri Lanka, a first for cross-border digital payments.
With this initiative, New Delhi demonstrated its commitment to promoting financial cooperation and digital connectivity while strengthening bilateral economic ties with Mauritius and Sri Lanka. The MEA emphasizes how India is a leader in digital public infrastructure and fintech innovation, and the prime minister actively encourages partner countries to share their development stories and creative solutions.
With this launch, Indian citizens traveling to Sri Lanka and Mauritius and Mauritius nationals traveling to India will find it easier to access UPI settlement services.
How does UPI work overseas?
In Mauritius and Sri Lanka, users must register their bank account using a UPI-compatible mobile application before they can begin making UPI payments. Users are prompted to enter recipient information such as their bank account number, IBAN, and BIC, along with the transfer amount and currency after the bank account has been linked.
The Reserve Bank of India (RBI) announced in July 2022 the establishment of a mechanism to settle global trade in rupees, as part of an effort to promote the use of the rupee and its payment systems worldwide. An agreement was signed in July of last year by India to connect the UPI with the UAE’s Instant Payment Platform, or IPP.
In order to encourage the use of INR (Indian rupee) and AED (UAE Dirham) bilaterally, the MoU on establishing a framework for the use of local currencies for transactions between India and the UAE seeks to establish a Local Currency Settlement System, the Reserve Bank said in a statement .
That was shortly after Modi declared, while in France, that visitors from India will be able to use UPI to send money in rupees while standing atop the Eiffel Tower. Prior to that, in February, Singapore and India signed an agreement to connect UPI with PayNow, the fast payments system in Singapore. Talks are also ongoing with Latin American and African nations, including Indonesia.
India’s most recent effort to boost the rupee’s use in international transaction settlement is the signing of the Memorandum of Understanding. With the RBI announcing the establishment of a mechanism to settle international trade in rupees in July 2022, Indian authorities have been pushing for the use of the rupee globally over the past year.
How can payments be made using UPI in Sri Lanka and Mauritius?
Open the UPI app, go to homescreen
Press on your avatar.
Choose UPI International under Payment Settings.
Next tap Activate, on the bank account you wish to use for overseas UPI payments.
Kindly verify the activation by entering your UPI PIN.
Scan the QR code that the seller has sent you,after your foreign payment has been enabled.
Type in the amount you want to spend. Both local currency and Indian rupees will be displayed along with the total amount due.
Click or tap “Pay.”
Put in your UPI PIN to finish the purchase.
