ACTION PUNJAB NEWS Deskk: After its successful launch in France, the Unified Payments Interface (UPI) has expanded its reach to Sri Lanka and Mauritius, marking another milestone in India’s digital payment system.
1. UPI Goes International: Following its introduction in France, UPI services have now been extended to Sri Lanka and Mauritius, allowing Indians traveling to these countries to make payments seamlessly using the UPI platform.
2. Launch Event: Prime Minister Narendra Modi, along with Mauritian Prime Minister Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe, participated in a virtual launch event to commemorate the expansion of UPI services.
3. Benefits for Travellers: Indian visitors to Sri Lanka and Mauritius can now utilize UPI for payments, while Mauritians traveling to India will also have access to this convenient digital payment method. Additionally, RuPay cards have been introduced in Mauritius, further enhancing digital connectivity.
4. Cultural and Economic Ties: The launch of UPI and RuPay services in Sri Lanka and Mauritius strengthens the existing cultural and economic ties between India and these nations, fostering faster and seamless digital transactions.
5. Government’s Vision: The Indian government views the expansion of UPI services as a testament to India’s leadership in Fintech innovation and digital infrastructure. Prime Minister Modi has emphasised the importance of sharing India’s developmental experiences and innovations with partner countries.
Also Read: Haryana turns stadiums into jails for farmers’ ‘Delhi Chalo’ march
Also Read: Bihar trust vote today: Police surround Tejashwi Yadav’s residence, RJD criticises Nitish
6. Global Recognition: The launch of UPI at iconic landmarks like the Eiffel Tower in Paris signifies India’s global recognition in the field of digital payments. It reflects PM Modi’s vision of elevating UPI to an international standard.
7. UPI Features: UPI, a mobile-based payment system in India, enables users to make round-the-clock payments via a virtual payment address. It consolidates multiple bank accounts into a single app, offering various banking features in a unified platform.
8. Enhancing Financial Inclusion: The expansion of UPI services to Sri Lanka and Mauritius contributes to advancing financial inclusion by providing access to modern digital payment solutions to a wider population.
9. Strengthening Bilateral Relations: The introduction of UPI and RuPay services not only facilitates financial transactions but also strengthens bilateral relations between India, Sri Lanka, and Mauritius through enhanced digital connectivity.
10. Future Prospects: With the successful launch of UPI services in multiple countries, India aims to continue its efforts to promote digital payments globally, fostering economic growth and technological innovation.
Also Read: Imran Khan-backed independents lead Pakistan polls; govt formation talks begin
Also Read: Qatar frees 8 Indian Navy men accused of espionage; 7 return home
(Inputs from agencies)