February 13, 2024
2 mins read

UPI arrival spurs tourism, economic growth in Lanka, Mauritius

Prabhu Ram, Head, Industry Intelligence Group at CMR, told that UPI’s debut in Sri Lanka and Mauritius marks a series of ongoing pivotal steps in making digital payments more pervasive globally…reports Asian Lite News

The launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius by Prime Minister Narendra Modi is a significant step in establishing India’s global leadership in fintech and payments innovation, the industry said on Monday.

PM Modi, along with Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth, inaugurated the launch of UPI, and also RuPay card services in Mauritius, via video conferencing.

“UPI has truly revolutionised the way we pay every day in India. With this expansion, UPI will bring convenience and digital growth to these countries and open new opportunities for cross-border commerce and travel,” Upasana Taku, Co-founder and CFO, MobiKwik, told IANS.

PM Modi underlined that fintech connectivity will further strengthen cross-border transactions and connections.

“India’s UPI comes in a new role today — Uniting Partners with India,” he emphasised.

Prabhu Ram, Head, Industry Intelligence Group at CMR, told that UPI’s debut in Sri Lanka and Mauritius marks a series of ongoing pivotal steps in making digital payments more pervasive globally.

“UPI will facilitate commerce, foster great economic integration, boost cross-border travel, and simplify tourist experiences for Indian tourists,” he said.

Speaking about the convenience and speed of UPI transactions, PM Modi informed that more than 100 billion transactions took place via UPI last year, worth Rs 2 lakh crores or 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees.

The extension of RuPay card services in Mauritius will also enable Mauritian banks to issue cards based on RuPay mechanism in the country and facilitate usage of RuPay Card for settlements in India and Mauritius.

UPI has facilitated over 40 per cent of India’s digital transactions, highlighting the country’s potential for embracing fintech innovations. The rapid expansion of fintech in India has created a significant need for skilled professionals, particularly in IT, engineering and sales.

“Over 60 per cent of fintech firms seek proficient personnel to navigate this dynamic landscape. To meet these demands, apprenticeship programmes are vital in nurturing talent and bridging the skills gap,” said Dhriti Prasanna Mahanta, Vice President & Business Head, TeamLease Degree Apprenticeship.

ALSO READ-Modi, Wickremesinghe, Jugnauth to launch UPI services in Lanka, Mauritius

Previous Story

Army chief departs for US to discuss security ties

Next Story

Farmers’ Protest Cuts Off Delhi

Latest from -Top News

India Donates Vaccines to Afghanistan

The Afghan Ministry of Public Health expressed gratitude towards India for its generous contribution….reports Asian Lite News India has donated 4.8 tonnes of vaccines to Afghanistan as part of its ongoing humanitarian

Global Grief Over J&K Terror Strike

Australian Prime Minister Anthony Albanese also condemned the horrific terror attack, stating that violence can not be justified….reports Asian Lite News Condolences have poured in from around the world after the horrific

Pakistan Condemns J&K Terror Strike

Pakistan’s Foreign Office issued a brief statement, saying, “We are concerned at the loss of tourists’ lives in an attack in Anantnag district…reports Asian Lite News Pakistan on Wednesday responded to the

Muslim World League Condemns Terror in Pahalgam

Prime Minister Modi commended the firm stand of the Muslim World League against extremism, terrorism and violence….reports Asian Lite News The Muslim World League has condemned the horrific terror attack in Pahalgam,

Florida Techie Killed in Pahalgam Attack

Bitan was shot dead in the picturesque Baisaran Valley, where terrorists opened indiscriminate fire on civilians, most of them tourists…reports Asian Lite News In one of the deadliest terror attacks in Jammu
Go toTop

Don't Miss

China oil giant likely to enter Lankan market

This comes as Sri Lankan Cabinet Ministers in the month

World Bank nod to USD 700 million for Sri Lanka

About USD 500 million will be allocated to support reforms