Unified Payments Interface, a payments system pioneered by the National Payments Corporation of India, is making its way around the globe. While the UAE started accepting UPI payments in April 2022, countries like Singapore, Russia, Oman, Qatar, and Nepal followed in 2023. In 2024, India is helping many other nations to set up the one-tap payments technology, the latest of which is Sri Lanka and Mauritius.
PM Modi Attenden The Virtual Launch Ceremony
On February 12, 2024, India’s UPI system was rolled out in Sri Lanka and Mauritius. The countries got together at a virtual ceremony attended by the Indian prime minister Narendra Modi, the prime minister of Mauritius, Pravind Jugnauth, and the president of Sri Lanka, Ranil Wickremesinghe. At the event, Modi said that the two countries will benefit from the UPI system, the digital public infrastructure that has brought a revolutionary change.
What Does This Mean For Indian Travellers Visiting These Regions?
Now that UPI services have launched in Sri Lanka and Mauritius, Indians traveling to these countries can use UPI services there. In December 2023, the RBI mentioned in its monthly bulletin that the total value of transactions made via UPI touched Rs. 17.4 lakh crores, rising 147 percent in five years. As of January 2024, more than 550 banks live on UPI. In the future, Indians can expect more countries to adopt the instant, contactless transaction system.
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