India’s Unified Payment Interface (UPI) and RuPay card services are set to expand to Sri Lanka and Mauritius, marking a significant step in bilateral economic cooperation between India and these island nations. The launch ceremony, to be held virtually, will witness the participation of Prime Minister Narendra Modi along with the top leadership of Sri Lanka and Mauritius.
Launch Event Details
- Date and Time: February 12, 1 PM
- Participants:
- Prime Minister Narendra Modi
- President of Sri Lanka, Ranil Wickremesinghe
- Prime Minister of Mauritius, Pravind Jugnauth
Unified Payment Interface (UPI) Expansion
- What is UPI?
- UPI is an instant real-time payment system developed by the National Payments Corporation of India (NPCI).
- It facilitates inter-bank transactions through mobile phones.
- Expansion Scope:
- UPI services will be launched in both Sri Lanka and Mauritius.
- Benefit:
- Enhances digital connectivity between India and these island nations.
- Enables faster and seamless digital transactions for a wide cross-section of people.
- Participants’ Role:
- Modi, Wickremesinghe, and Jugnauth will witness the launch of UPI services during the virtual ceremony.
RuPay Card Services Expansion
- What is RuPay?
- RuPay is a global card payment network from India.
- It has wide acceptance at shops, ATMs, and online platforms.
- Expansion Scope:
- RuPay card services will be introduced in Mauritius.
- Benefit:
- Allows Mauritian banks to issue RuPay cards, facilitating transactions in both India and Mauritius.
- Participants’ Role:
- Modi, along with Mauritian PM Jugnauth, will inaugurate the RuPay card services during the virtual event.
Significance and Context
- Bilateral Economic Ties:
- The launch coincides with New Delhi’s growing economic relations with Sri Lanka and Mauritius.
- India’s Leadership in Fintech Innovation:
- India’s advancements in Fintech innovation and Digital Public Infrastructure are highlighted.
- Cultural and People-to-People Linkages:
- The launch leverages robust cultural and people-to-people linkages between India, Sri Lanka, and Mauritius.
Multiple Choice Questions (MCQs):
- What is the Unified Payment Interface (UPI)?
- A) A global card payment network
- B) An instant real-time payment system
- C) A mobile phone manufacturer
- D) A social media platform
- Answer: B) An instant real-time payment system
- Who developed the UPI system?
- A) Reserve Bank of India (RBI)
- B) Ministry of Finance, India
- C) National Payments Corporation of India (NPCI)
- D) State Bank of India (SBI)
- Answer: C) National Payments Corporation of India (NPCI)
- Where will the UPI services be launched?
- A) Sri Lanka and Mauritius
- B) Sri Lanka and India
- C) India and the Maldives
- D) Bangladesh and Bhutan
- Answer: A) Sri Lanka and Mauritius
- What is RuPay?
- A) An Indian Prime Minister
- B) A global payment network
- C) An island nation
- D) A digital currency
- Answer: B) A global payment network
- Who will witness the launch of RuPay card services in Mauritius?
- A) Prime Minister Narendra Modi
- B) President of Sri Lanka, Ranil Wickremesinghe
- C) Prime Minister of Mauritius, Pravind Jugnauth
- D) All of the above
- Answer: D) All of the above