• UGI USER
  • Feb 14, 2024
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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

About 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.