India's Soft Power: UPI and RuPay Services Launched in Mauritius and Sri Lanka

  • | Monday | 12th February, 2024

BY- Animesh Ikshit

In a strategic move aimed at enhancing economic ties and fostering regional cooperation, India is poised to launch Unified Payment Interface (UPI) services in Sri Lanka and Mauritius. Scheduled for Monday at 1 pm, this landmark event signifies a significant step towards enhancing financial connectivity between the nations.

The Ministry of External Affairs affirmed that the launch will facilitate seamless UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India. Additionally, RuPay card services will be introduced in Mauritius, further enriching the banking landscape and promoting digital transactions.

The importance of this initiative is underscored by the participation of Prime Minister Narendra Modi, alongside Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Pravind Jugnauth, who will attend the event via video conferencing. Described by the Reserve Bank of India (RBI) as a "historic launch," it highlights the commitment of the Nations involved to deepen economic collaboration in the region.

Beyond the economic realm, this move also reflects India`s soft power projection in the region. By extending modern financial services, India showcases its technological prowess and commitment to assisting neighboring countries in their development endeavors. This strategic outreach reinforces India`s reputation as a reliable partner and demonstrates its willingness to contribute to the prosperity of its neighbors.

India`s expansion of UPI and RuPay services is part of a broader strategy to leverage digital technology for financial inclusion and economic growth. Similar initiatives have been undertaken globally, including the recent collaboration between the Indian Embassy in Bahrain, ICICI Bank, and SADAD Electronic Payment System BSC to establish a digital fee collection kiosk, catering to the needs of Indian expatriates.

In the ever-evolving global financial landscape, the launch of UPI and RuPay services in Mauritius and Sri Lanka underscores India`s commitment to fostering mutually beneficial partnerships and regional economic integration. As Prime Minister Modi often emphasizes, "In the digital age, connectivity is the key to unlocking opportunities and driving inclusive growth." This initiative signifies a significant step towards realizing this vision and strengthening bonds with regional partners.

#UPI #RuPay #India #Srilanka #Mauritius #economy #globalpower #SoftPower

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