UPI services Launched in Sri Lanka And Mauritius

The scope of Unified Payment Interface (UPI) has increased rapidly in the country in the last few years. It is also being expanded abroad. In this episode, UPI service was launched in Sri Lanka and Mauritius on Monday. Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth also participated in this virtual event along with Prime Minister Narendra Modi.

India’s bilateral economic relations with both these countries are getting stronger. RuPay card service has also been launched in Mauritius. This will make it easier for Indians traveling to Sri Lanka and Mauritius. UPI The service will be available. Prime Minister Modi has described it as a link between historical relations with modern digital technology. He expressed hope that new fintech services will help both countries. Modi said that UPI has brought a lot of happiness and happiness to India Associates has taken on the new responsibility of uniting the two countries. Modi said, “This is a special occasion for the three friendly countries in the Indian Ocean region as our historic ties are being combined with modern digital technology.”

In the last few months, the scope of digital rupee has also increased in the country. This has made it easier for 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 the facility to send money through mobile apps. At the end of last year, some big public and private banks transferred the money related to employee benefit schemes to the CBDC wallets of employees. These included HDFC Bank, Kotak Mahindra Bank, Axis Bank, Canara Bank and IDFC First Bank. Due to this, these transactions have increased rapidly. RBI hopes that some non-financial firms can also use this method. This will increase these transactions rapidly.