In a landmark move towards fostering digital connectivity and financial integration among friendly nations, Prime Minister Narendra Modi, alongside President Ranil Wickremesinghe of Sri Lanka and Prime Minister Pravind Jugnauth of Mauritius, jointly inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and RuPay card services in Mauritius via video conferencing.
Strengthening Economic Ties
Prime Minister Pravind Jugnauth of Mauritius highlighted that the co-branded RuPay card would be designated as a domestic card in Mauritius, greatly facilitating citizens in both countries. This initiative reflects a commitment to enhancing economic cooperation and streamlining financial transactions between India, Sri Lanka, and Mauritius.
President Ranil Wickremesinghe of Sri Lanka commended Prime Minister Modi for the recent consecration of the Ram Mandir at the Ayodhya Dham and emphasized the longstanding economic relations between Sri Lanka and India. He expressed hope for maintaining momentum in connectivity and deepening the relationship between the two countries.
A Step Towards Modern Digital Connect
Addressing the occasion, Prime Minister Modi underscored the significance of the launch, marking a special day for the three nations as historic connections transition into modern digital connectivity. He emphasized the government’s commitment to the development of its people and highlighted how fintech connectivity would strengthen cross-border transactions and connections.
Prime Minister Modi highlighted India’s digital public infrastructure, which has revolutionized transactions, even in the remotest villages, through UPI. He stressed the role of technology in promoting transparency, reducing corruption, and increasing inclusivity in society.
Global South Cooperation
The launch symbolizes the success of Global South cooperation, reflecting the historical relations and strength of people-to-people connections between India, Sri Lanka, and Mauritius. Prime Minister Modi reiterated India’s steadfast support to its friends in times of crisis and highlighted initiatives like the Social Impact Fund to extend benefits to countries in the Global South.
Concluding his address, Prime Minister Modi expressed gratitude to President Ranil Wickremesinghe and Prime Minister Pravind Jugnauth for their pivotal role in the launch. He also thanked the central banks and agencies of the three countries for their efforts in making the launch successful.
India’s leadership in Fintech innovation and Digital Public Infrastructure has positioned it as a key player in fostering digital connectivity. The launch of UPI and RuPay card services will benefit a wide cross-section of people, enhancing digital transactions and connectivity between India, Sri Lanka, and Mauritius. This initiative underscores India’s commitment to sharing its development experiences and innovations with partner countries, leveraging cultural and people-to-people linkages for mutual prosperity.