[Update] UPI Expansion Spree: Now, Offerings Extended To Sri Lanka & Mauritius

Update | February 12, 06:15 PM

India’s Unified Payment Interface (UPI) services were launched in Sri Lanka and Mauritius on Monday (February 12), a week after rollout in France. 

Besides, RuPay card services were also launched in Mauritius.

The event was attended virtually by Indian Prime Minister Narendra Modi, alongside his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe.

The extension of UPI services in these countries will facilitate easier and faster digital transactions for Indian nationals travelling to Sri Lanka and Mauritius. Additionally, Mauritians visiting India will also be able to use UPI for their payments.

The launch of the Indian services in Sri Lanka and Mauritius comes close on the heels of India’s increasing bilateral economic ties with the two island nations.

Calling it a special day, Modi said, “Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people. Through fintech connectivity, not only cross-border transactions but also cross-border connections will be strengthened. India’s Unified Payments Interface i.e. UPI is now performing a new responsibility – Uniting Partners with India.”

He also highlighted India’s focus on its “neighbourhood first policy”. “India’s policy is- neighbourhood first. Our maritime vision is- ‘SAGAR’, i.e. Security And Growth for All in the Region. Our goal is peace, security and development in the entire region. India does not see its development in isolation from its neighbouring friends,” he said.

Commenting on the development, banking as a service (BaaS) platform FidyPay’s founder Manan Dixit said it would help in further increasing the adoption of UPI.

“Currently, around 42% of the population actively utilises these methods. Given the recent expansion of UPI services to Sri Lanka, Mauritius and other global markets, it is anticipated that this number will experience significant growth,” he added.

Original Story| February 12, 11:57 AM

A week after Unified Payments Interface (UPI) was rolled out in France, Sri Lanka and Mauritius are the latest countries to be joining the list to enable the Indian digital payment system. Besides this, RuPay card services will be launched in Mauritius.

The Ministry of External Affairs (MEA) has said UPI services will be launched in Sri Lanka and Mauritius on Monday (February 12). It said Prime Minister Narendra Modi, Sri Lanka President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth will witness the launch of UPI services in Sri Lanka and Mauritius.

The launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India. 

The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on the RuPay mechanism in Mauritius and facilitate usage of RuPay Card for settlements both in India and Mauritius.

The statement said that India has emerged as a leader in fintech innovation and digital public infrastructure and Prime Minister Modi has placed a strong emphasis on sharing the country’s development experiences and innovation with partner countries. 

“Given India’s robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries,” the ministry said.

With the latest launch, Sri Lanka and Mauritius will join the growing list of countries to have introduced UPI including Nepal, France and Singapore, among others. 

This comes right after the National Payments Corporation of India (NPCI) announced that the UPI transaction value grew over 42% YoY to INR 18.41 Lakh Cr in January 2024, while the volume went up 52% to 1,220 Cr. 

Citing the growing usage of UPI across India, the Reserve Bank of India (RBI)in December 2023, extended the transaction limit to  INR 5 Lakh per transaction from INR 1 Lakh for hospitals and educational institutions. As for other transactions, the UPI payments are capped at INR 1 Lakh with exception to capital markets, collections, and insurance, the central bank said that it would issue separate instructions on the issue shortly. 

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.