UPI, RuPay Will be Launched in Sri Lanka, Mauritius on 12 February

In the last few years, the use of Unified Payment Interface (UPI) service has increased rapidly in the country. It is also expanding abroad. In this series, UPI service will be launched in Sri Lanka and Mauritius on Monday. Along with this, RuPay card service will also be introduced in Mauritius. On the occasion of the launch of these services, Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth will be present through video conferencing.

The Reserve Bank of India (RBI) said in a post on the social media platform X, “The launch of these services will make UPI services available to Indians traveling to Sri Lanka and Mauritius. The launch of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on the RuPay mechanism and RuPay cards can be used for payments in India and Mauritius.” External Affairs Ministry Said That India has emerged as a leading country in fintech innovation and digital public infrastructure. Prime Minister Narendra Modi emphasizes on sharing the country’s development experience and innovation with friendly countries.

The scope of digital rupee is also increasing. This has helped the Reserve Bank of India (RBI) to achieve its target of 10 lakh transactions per day by the end of last year. Central Bank Digital Currency (CBDC) or e-rupee has been developed as a digital alternative to cash through distributed ledger technology. The trial of e-rupee was started by RBI. However, after this, by October last year, these transactions reached about 25,000 per day. Its use case was also expanded and it was linked to the widely used Unified Payment Interface (UPI).

UPI provides facility to transfer money through mobile apps. At the end of last year, some big public and private banks started transferring money related to employee benefit schemes to the employees. CBDC The money was transferred to wallets. These included HDFC Bank, Kotak Mahindra Bank, Axis Bank, Canara Bank and IDFC First Bank. This has increased these transactions rapidly. RBI hopes that some non-financial firms can also use this method. This will further increase these transactions.