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, UK Cement Strategic Ties

Oliver Robbins met Vikram Misri in New Delhi for UK–India talks reviewing their strategic partnership….reports Asian Lite News Oliver Robbins, Permanent Under-Secretary at the UK’s Foreign, Commonwealth & Development Office (FCDO), met

India, Malaysia Stand Together on Terror

The Speaker reaffirmed Malaysia’s commitment to peace and thanked the Indian delegation for the briefing on India’s approach to dealing with terrorism at large…reports Asian Lite News An all-party Indian delegation met

Don’t Let Bailout Back Terror, Tharoor Warns IMF

Tharoor expressed his displeasure at the International Monetary Fund for enabling Pakistan thus as they divert those funds to arm themselves to attack India….reports Asian Lite News All-Party Delegation leader and Congress

India Doubles Down on BRICS at Brazil Talks

The BRICS Communications Ministers met in Brasilia under the Chair of Brazil on June 2, and conducted discussions on universal and meaningful connectivity…reports Asian Lite News India reiterated its commitment to enduring
Go toTop

Don't Miss

UPI Growth Fuels Overspending in India: Experts

The purchasing trend via UPI/QR code is due to the

Breather for crisis-hit Lanka as UN assures support

The UN official appreciated the efforts taken by President Wickremesinghe