Unified Payment Interface (UPI) and RuPay card services, witnessing exponential growth domestically, are set to make their mark globally as they prepare for launch in Sri Lanka and Mauritius.
Key Points:
International Expansion: UPI service to debut in Sri Lanka and Mauritius, promoting digital transactions abroad.
Leadership Presence: Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritius Prime Minister Praveen Jugnauth to grace the launch ceremony via video conferencing.
RuPay Card Introduction:
Enhanced Accessibility: RBI announces RuPay card service launch in Mauritius, facilitating seamless payments.
Dual Usage: RuPay cards to facilitate transactions both in India and Mauritius, promoting financial inclusivity.
Government Statements:
RBI emphasizes the growing importance of digital payments, highlighting India’s fintech innovation and digital infrastructure.
Prime Minister Modi’s vision to share India’s developmental expertise with allied nations drives the initiative.
Digital Rupee:
Rapid Adoption: Central Bank Digital Currency (CBDC), also known as e-Rupee, witnesses increasing acceptance, aiding RBI’s transaction target achievement.
Technological Advancements: e-Rupee, developed using distributed ledger technology, provides a digital alternative to cash.
UPI Integration: CBDC integration with UPI boosts transaction volumes, fostering digital payment ecosystem.
Industry Adoption:
Leading banks such as HDFC Bank, Kotak Mahindra Bank, Axis Bank, Canara Bank, and IDFC First Bank streamline employee benefit schemes through CBDC wallets, driving transaction growth.
RBI anticipates non-financial firms to embrace CBDC, further fueling transaction volumes.
The expansion of UPI and RuPay card services signifies India’s commitment to fostering digital inclusion and promoting financial innovation globally.
