RuPay Card, UPI payment services rolled out in Mauritius, Sri Lanka

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RuPay Card, UPI payment services rolled out in Mauritius, Sri Lanka​

Watch the launch event -

In his remarks, Mr. Modi hoped the new fintech services would help the two nations and said the UPI is implementing "new responsibilities of uniting partners with India".​

India's revolutionary Unified Payment Interface (UPI) services were officially rolled out in Sri Lanka and Mauritius during a virtual ceremony attended by Prime Minister Narendra Modi and his counterparts Mauritian PM Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe on Monday (Feb 12) afternoon.

The launch of the digital payment network ensures that both countries can access the ease of using UPI to settle real-time transactions. Additionally, Indian nationals travelling to the two countries will not have to rely on other means of payment which are often cumbersome.

"Today is a special day for three friendly countries in the Indian Ocean region. Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people," said PM Modi during the ceremony.

"Through Fintech connectivity, not only cross-border transactions but also cross-border connections will be strengthened. India's Unified Payments Interface i.e. UPI is now performing a new responsibility - Uniting Partners with India," he added.

Apart from UPI, the expansion of RuPay card services in Mauritius would allow Mauritian banks to issue cards using the RuPay system. The Indian government introduced RuPay cards in 2012 to break the duopoly of Visa and Mastercard.

The launch of UPI in the two Indian Ocean nations comes days after the service became officially available at the iconic Eiffel Tower in Paris, France.

 

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India create another history, 2nd RuPay card launch outside India (SBI Mauritius launch RuPay card):

 

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SBM Bank (Mauritius) Ltd becomes the first Mauritian bank to accept RuPay card payments​

SBM Bank (Mauritius) POS machine accept RuPay cards in Mauritius.

SBM Bank (Mauritius) Ltd has become the first Mauritian bank to accept RuPay card payments, marking a significant advancement in the world of payment processing. RuPay launched in 2014 has seen rapid adoption in the Indian subcontinent since its introduction, with nearly one billion cards in circulation.



This development was announced at an event attended by Mauritian Prime Minister Pravind Kumar Jugnauth, Indian Prime Minister Narendra Modi, and Sri Lankan President Ranil Wickremesinghe via video conference. SBM Bank was represented by its Chief Executive, Premchand Mungar.

By incorporating RuPay, a payment system launched in 2014 by the National Payments Corporation of India (NPCI), SBM Bank has expanded the variety of cards accepted at its electronic payment terminals, commonly known as POS (Point of Sale) terminals. This move positions SBM Bank as a pioneer in the Mauritian banking sector, allowing RuPay cardholders to make payments seamlessly while in Mauritius. “This new initiative positions us as the first bank in Mauritius to accept RuPay cards at our payment terminals. We have one of the largest networks of payment terminals across the country, including major shopping centers and hotels, enabling RuPay cardholders to make their payments with ease when traveling in Mauritius,” explained Mungar.

RuPay has seen rapid adoption in the Indian subcontinent since its introduction, with nearly one billion cards in circulation that utilize the Unified Payments Interface network, also managed by NPCI. With the ability to accept cards from major issuers such as Visa, Mastercard, UnionPay, and now RuPay, SBM Bank is furthering its commitment to accommodating all major global payment systems in the future.