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UPI LAUNCHED IN SRI LANKA AND MAURITIUS
Why in the news?
India initiated the rollout of its Unified Payments Interface (UPI) system in Sri Lanka and Mauritius.
source:oceanwhisper
source:oceanwhisperAbout the UPI Expansion in SL:
- UPI Launch in Sri Lanka and Mauritius: enabling UPI settlement services for travelers from both countries.
- RuPay Card Expansion: allowing local banks to issue RuPay cards for transactions in India and Mauritius.
- Digital Connectivity: Prime Minister emphasizes digital connectivity’s, aiming to enhance cross-border payments and connectivity.
- Virtual Launch Ceremony: Leaders from India, Mauritius, and Sri Lanka participate in a virtual ceremony to mark the initiative’s launch.
- Benefits: to boost digital transformation, benefit tourism, and reduce reliance on hard currencies.
- India’s Neighbourhood Policy: PM reiterates India’s commitment to its “neighbourhood first” policy.
- Fintech Leadership: India’s leadership in fintech innovation and digital infrastructure is highlighted.
| Key features of UPI
(Unified Payments Interface) ● Unified Payments Interface (UPI): o Upgraded IMPS service for 24/7 cashless payments. o Merges multiple bank accounts into one mobile app. o Operated by NPCI, UPI is India’s largest digital payment system. ● Popular UPI Apps:PhonePe, Paytm, Google Pay, Amazon Pay, BHIM. ● International Collaboration: UPI linked with Singapore’s PayNow. ● Achievements: USD 100 billion monthly transactions in Oct 2021, driving India’s digital payments growth. |
