Prime Minister Narendra Modi will virtually witness the international unveiling of India’s homegrown digital payments rails – UPI and RuPay – in Sri Lanka and Mauritius on Monday, February 13th. The launches by partner governments signal growing worldwide policy recognition regarding open financial innovation ecosystems pioneered by India now.
They intend extending convenient digital transaction experiences for traveling citizens through interoperable systems while boosting real-time connectivity among three economies bilaterally.
80 Countries Onboard UPI so Far
The National Payments Corporation of India (NPCI) developed UPI as an efficient instant money transfer infrastructure between bank accounts using mobile applications. With almost 70% Indians adopting it already, UPI has seen organic international expansion too with several countries across Latam, Middle East and Asia now committed participants.
RuPay payment network developed by NPCI also facilitates global card transactions today, benefitting Indians overseas while accepting inbound payments. Gradual geographic permeation helps advancing digital priorities.
