Sri Lanka is poised to adopt India's innovative Unified Payment Interface (UPI) system in a significant step towards achieving a cashless economy and curbing tax evasion loopholes in the island nation.
This digital payment revolution allows individuals to utilize their smartphones as virtual debit cards, eliminating the need for physical cash or cards in transactions. The UPI interface enables users to link multiple bank accounts within a single smartphone app, facilitating seamless fund transfers without divulging any account numbers.
President Ranil Wickremesinghe of Sri Lanka, alongside Prime Minister Pravind Jugnauth of Mauritius and Indian Prime Minister Narendra Modi, will witness the launch of UPI services in both Sri Lanka and Mauritius via video conferencing on Monday, February 12th, as announced by the Indian High Commission in Sri Lanka. The commission highlighted India's leadership in fintech innovation and digital infrastructure, emphasizing Prime Minister Modi's commitment to sharing development experiences and innovations with partner nations.
The launch of UPI services is expected to bolster digital connectivity between India, Sri Lanka, and Mauritius, benefiting a diverse range of individuals with faster and seamless digital transaction experiences.
In addition, the initiative will extend UPI settlement services to Indian nationals traveling to Sri Lanka and Mauritius, as well as to Mauritian nationals traveling to India, fostering greater financial integration and convenience across borders.
