UPI Payment Services Launch in Sri Lanka and Mauritius

Context: 

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

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.

News Source: AIR

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