UPI Payment Services Launch in Sri Lanka and Mauritius

February 12, 2024

Context:

India’s UPI payment services launched in Sri Lanka and Mauritius and RuPay card services in Mauritius.

Countries Accepting UPI: Bhutan (1st country), UAE (1st Gulf Country), Singapore, Nepal, Oman, France(1st European country), Sri Lanka, Mauritius.

Rupay Card Services in: Bhutan, Singapore, UAE , Nepal, Mauritius

About UPI Payment Services

UPI is an instant real-time payment system to facilitate multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
Launched in : 2016
By: National Payment Corporation of India(NPCI).
UPI Achievement:
- UPI transactions have skyrocketed exceeding 10 billion and
- over 40% of Indian payments are now digital in which upi is leading the head.

About Rupay

RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online.
The name derived from the words ‘rupee’ and ‘payment’ emphasizes that it is India’s very own initiative for card payment.
Launched in : It is a financial services and payment services system launched in 2012 and dedicated to the country in 2014.
By : National Payment Corporation of India(NPCI).

About NPCI

It is an umbrella organization for operating retail payments and settlement systems in India.
Initiative of : Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
It is a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).

Significance of launch UPI Payment Services Launch in Sri Lanka and Mauritius

Enhance Cultural and people-to-people linkages with Sri Lanka and Mauritius.
Strengthen Bilateral Financial & Digital Connectivity.
It will enhance the development in the Global South.
Enhance fintech innovation based on mutual benefit.
Foster Faster and seamless digital transaction experience
Benefits for Tourists visiting the countries.

Also Read: New Policy Of UPI For NRIs

News Source: AIR

Must Read
NCERT Notes For UPSC	UPSC Daily Current Affairs
UPSC Blogs	UPSC Daily Editorials
Daily Current Affairs Quiz	Daily Main Answer Writing
UPSC Mains Previous Year Papers	UPSC Test Series 2024