New Delhi, Feb 12 (IANS): The launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius by Prime Minister Narendra Modi is a significant step in establishing India’s global leadership in fintech and payments innovation, the industry said on Monday.
PM Modi, along with Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth, inaugurated the launch of UPI, and also RuPay card services in Mauritius, via video conferencing.
"UPI has truly revolutionised the way we pay every day in India. With this expansion, UPI will bring convenience and digital growth to these countries and open new opportunities for cross-border commerce and travel," Upasana Taku, Co-founder and CFO, MobiKwik, told IANS.
PM Modi underlined that fintech connectivity will further strengthen cross-border transactions and connections.
"India’s UPI comes in a new role today --- Uniting Partners with India," he emphasised.
Prabhu Ram, Head, Industry Intelligence Group at CMR, told IANS that UPI’s debut in Sri Lanka and Mauritius marks a series of ongoing pivotal steps in making digital payments more pervasive globally.
"UPI will facilitate commerce, foster great economic integration, boost cross-border travel, and simplify tourist experiences for Indian tourists," he said.
Speaking about the convenience and speed of UPI transactions, PM Modi informed that more than 100 billion transactions took place via UPI last year, worth Rs 2 lakh crores or 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees.
The extension of RuPay card services in Mauritius will also enable Mauritian banks to issue cards based on RuPay mechanism in the country and facilitate usage of RuPay Card for settlements in India and Mauritius.
UPI has facilitated over 40 per cent of India's digital transactions, highlighting the country's potential for embracing fintech innovations. The rapid expansion of fintech in India has created a significant need for skilled professionals, particularly in IT, engineering and sales.
"Over 60 per cent of fintech firms seek proficient personnel to navigate this dynamic landscape. To meet these demands, apprenticeship programmes are vital in nurturing talent and bridging the skills gap," said Dhriti Prasanna Mahanta, Vice President & Business Head, TeamLease Degree Apprenticeship.