Taking India's digital boom beyond the four corners of the country in a bid to revolutionise cross-border financial transactions, Prime Minister Narendra Modi, along with his Mauritian counterpart Pravind Kumar Jugnauth and Sri Lankan President Ranil Wickremesinghe, participated in the virtual launch of the RuPay and Unified Payments Interface (UPI) linkage between Mauritius and India on Monday.
The virtual event saw the presence of key dignitaries, including the Governor of the Bank of Mauritius, Harvesh Kumar Seegolam, the Governor of the Reserve Bank of India, Shaktikanta Das, and the Governor of the Central Bank of Sri Lanka, Dr P Nandalal Weerasinghe.
The newly introduced payment infrastructure promises to facilitate seamless and secure transactions for customers of participating banks in both Mauritius and India.
Under this system, RuPay cards issued in Mauritius will be accepted at ATM and Point of Sale (POS) terminals in India, while Indian nationals will be able to conduct UPI QR transactions at participating merchants in Mauritius.
Addressing the significance of this project, PM Jugnauth said the Indian RuPay Card and UPI system represent a flagship initiative of the Government of India in Mauritius and Sri Lanka, aimed at enabling swift and efficient cross-border financial transactions.
"India and Mauritius share strong cultural, commercial and people-to-people linkages and today we are bringing another dimension to this relationship through the launch of the new payment system. The collaboration of the BoM with the National Payments Corporation of India and the Reserve Bank of India has marked a new chapter in the history of payments in Mauritius," Jugnauth said.
He elaborated on how the system will enable Indians visiting Mauritius and vice versa to make payments through mobile applications, ensuring instantaneous transactions in domestic currency with direct conversion, thus eliminating the need for currency exchange.
The Mauritian PM also expressed gratitude to the Union government for its support in leveraging digital transformation in the island country.
He also hailed the innovative digital platform, Mauritius Central Automated Switch (MAUCAS), for revolutionizing the payment landscape in Mauritius and driving fintech developments.
"This bears testimony to our commitment to the development of our people by enhancing Fintech connectivity and strengthening cross-border transactions and connections." Jugnauth said.
PM Narendra Modi highlighted the project's role in creating modern digital links among three friendly countries in the Indian Ocean Region.
He praised India's digital public infrastructure for bringing revolutionary changes, citing the record number of transactions amounting to two trillion Indian rupees through the UPI system last year.
Laying out the far-reaching impact of the RuPay Card and UPI system, Prime Minister Modi expressed confidence that it will contribute significantly to the digital transformation of economies, driving changes in local economies, and promoting tourism. He reiterated India's continuous support to friendly countries and emphasised the potential for cross-border remittances and person-to-person payment facilities.
The Governor of the Bank of Mauritius, Seegolam, also hailed the launch of the RuPay and UPI linkage as a significant milestone in enhancing financial connectivity and promoting digital transactions. He said the collaboration will facilitate seamless and secure cost-effective payments, strengthening economic ties between the two nations.
"The launch of the RuPay and UPI linkage between Mauritius and India marks a significant milestone in our efforts to enhance financial connectivity and promote digital transactions. This collaboration will not only facilitate seamless and secure cost-effective payments for our customers but also strengthen the economic ties between our two nations," Seegolam said.
SBI Mauritius Ltd (SBIML) has already taken a significant step towards enhancing the digital payment landscape in the country by introducing RuPay Card and Unified Payments Interface (UPI) services.
This initiative, in collaboration with the Bank of Mauritius (BOM), aims to revolutionise digital transactions in the country, increase competition in card service providers, and ultimately benefit customers, merchants, and banks involved. (ANI)