India’s pioneering ‘Unified Payments Interface’ (UPI) system has made its mark on the global stage with its launch in Sri Lanka and Mauritius, marking a significant milestone in digital payment solutions. This development was celebrated in an online event graced by dignitaries from the three nations, including Indian Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritian Prime Minister Pravind Jugnauth.
Historic Partnership Enhanced by Digital Technology:
Prime Minister Narendra Modi heralded this event as a landmark moment that ties the historic bonds of these nations with the thread of modern digital technology. This expansion of UPI services signifies not just a technological leap but a strengthening of international relations.
Digital Financial Inclusion:
The introduction of UPI in Sri Lanka and Mauritius is expected to revolutionize the way financial transactions are conducted, offering a seamless, secure, and swift method of digital payment. This move is poised to facilitate better financial inclusion and connectivity between people in these countries and India.
Fostering FinTech Growth:
This expansion is seen as a catalyst for the growth of FinTech services in the Indian Ocean region, encouraging innovation and development in digital finance. PM Modi expressed hope that these new FinTech services will aid both nations significantly, promoting economic growth and digital literacy.
Celebrating a Trilateral Relationship:
The occasion was marked as a special day for the three friendly nations, bringing their historic relationships into the digital age. It underscores the commitment of India, Sri Lanka, and Mauritius to embrace modern technology for advancing their socio-economic ties.
Global Recognition for UPI:
The adoption of India’s UPI system by Sri Lanka and Mauritius is a testament to the system’s success and reliability. It highlights the potential for UPI to become a global standard in digital payments, paving the way for further international collaborations.