UPI Services In Sri Lanka And Mauritius:
The Prime Minister of India along with the President of Sri Lanka, Mr Ranil Wickremesinghe and the Prime Minister of Mauritius, Mr Pravind Jugnauth jointly inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius.
- RuPay is a payment system and financial services product developed by the National Payments Corporation of India (NPCI).
- It is a domestic card payment network that can be used at automated teller machines (ATMs), point of sale (POS) devices, and e-commerce websites across India.After Nepal, Bhutan, Singapore and UAE, the RuPay card is now available in Africa through Mauritius, the first non-Asian country to issue it.
- The UPI is a digital and real-time payment system developed by the NPCI in 2016.
- UPI is built over the IMPS (Immediate Payment Service) infrastructure and allows users to instantly transfer money between any two parties’ bank accounts.
- UPI allows merging several banking features, seamless fund routing, and merchant payments into one mobile application.
- The countries that accept UPI payments are France, UAE, Mauritius, Sri Lanka, Singapore, Bhutan, and Nepal.
