India’s UPI Model Gains Ground in Sri Lanka after Conquering France and Singapore
India’s digital payment system, known as Unified Payments Interface (UPI), will now be used in Sri Lanka. UPI is a mobile-based payment method that allows people to make instant payments at any time.
This was announced during a meeting between Indian Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe.
In India, UPI is a popular choice for making payments online. Its use is growing around the world. Countries like France, the United Arab Emirates (UAE), and Singapore have already started working with India to use this payment system.
In February 2023, India and Singapore made an agreement to link their payment systems. This allows people in both countries to send money to each other easily, either by scanning a QR code or entering a mobile number connected to a bank account.
Earlier this month, France also decided to start using UPI for payments. This will first be available at the famous tourist attraction, the Eiffel Tower.
The Reserve Bank of India (RBI) and the Central Bank of the UAE also agreed to connect their payment systems. This will help integrate India’s UPI with the UAE’s Instant Payments Platform (IPP).
India is quickly becoming a leader in fintech innovation, and the Indian government, led by PM Modi, is encouraging the use of India’s digital payment system globally.
The goal is for UPI to be useful not just in India, but also in other countries. The RBI has also suggested allowing tourists coming to India to use UPI to make payments while they are visiting.
This service will be offered to tourists from G20 countries landing at selected international airports.
This announcement was made by the RBI governor, Shaktikanta Das, during a meeting about monetary policy on February 8.