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PM Modi Inaugurates UPI Services In Mauritius & Sri Lanka!

With RuPay cards now in Africa, how will this reshape cross-border transactions? Stay tuned for the impact and explore the future of seamless financial connectivity!

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Shreshtha Verma
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PM Modi Inaugurates UPI Services In Mauritius Sri Lanka

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In a virtual event that bridged nations digitally, Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritius Prime Minister Pravind Jugnauth jointly inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius.

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The ceremony, conducted via video conferencing, marked a significant step towards enhancing financial connectivity and promoting economic integration among the participating nations. The leaders also celebrated the extension of RuPay card services in Mauritius, which is poised to facilitate smoother transactions and bolster economic ties in the African continent.

Enhancing Financial Connectivity

During the inauguration, Prime Minister Jugnauth announced the designation of the co-branded RuPay card as a domestic card in Mauritius, signaling a pivotal moment in the financial landscape of the island nation. This strategic move aims to significantly enhance financial connectivity and convenience for citizens of both countries, thereby fostering greater economic collaboration and trade relations.

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Bilateral Relations Strengthened

President Wickremesinghe, in his address, conveyed heartfelt congratulations to Prime Minister Modi on the consecration of Shri Ram Mandir in Ayodhya Dham, underscoring the deep-rooted cultural and economic ties between Sri Lanka and India. He expressed optimism about further consolidating the momentum of connectivity and deepening the relationship between the two nations through initiatives like the UPI and RuPay card launch.

Digital Revolution and Fintech Connectivity

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Prime Minister Modi, in his keynote address, emphasized the transformative impact of India's digital public infrastructure, particularly the widespread adoption of UPI for digital payments. He highlighted the pivotal role of fintech connectivity in strengthening cross-border transactions, facilitating financial inclusion, and driving economic growth in the region. The Prime Minister underscored India's commitment to leveraging technology for the collective prosperity of the region, in line with the "Neighborhood First" policy and the maritime vision of SAGAR (Security and Growth for All in the Region).

Global South Cooperation

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The launch of UPI services and RuPay card in Mauritius symbolizes the success of Global South cooperation, reflecting the historical and cultural ties between India, Sri Lanka, and Mauritius. Prime Minister Modi reiterated India's steadfast support for its neighboring countries, pledging continued assistance in times of crisis and advocating for their interests on the global stage. He emphasized the importance of fostering sustainable development and mutual prosperity through collaborative initiatives in the digital realm.

Future Prospects and Economic Impact of UPI

Prime Minister Modi expressed confidence that the adoption of UPI and RuPay card services would catalyze digital transformation, promote local economies, and boost tourism in the region. He highlighted the potential for cross-border remittances and stressed the importance of real-time, cost-effective, and convenient payments in local currencies. The Prime Minister also underscored the role of the UPI and RuPay card system in reducing reliance on hard currency, facilitating easier access to financial services, and fostering economic growth across borders.

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Prime Minister Modi extended heartfelt gratitude to President Wickremesinghe and Prime Minister Jugnauth for their instrumental role in the successful launch of UPI services and RuPay card extension. He commended the collaborative efforts of the central banks and agencies of the three countries, highlighting the spirit of partnership and cooperation that underpins the historic digital connect between India, Sri Lanka, and Mauritius.

India's emergence as a leader in fintech innovation and digital infrastructure underscores its commitment to sharing development experiences with partner countries. The launch of Unified Payment Interface services and RuPay card extension in Mauritius reflects India's proactive approach to enhancing digital connectivity and facilitating seamless transactions across borders, benefiting a wide cross-section of people and promoting inclusive growth in the region.

To know more about UPI watch the vide below:

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