India's Unified Payment Interface (UPI) service was launched in Mauritius and Sri Lanka on Monday in a virtual ceremony that was attended by Indian Prime Minister Narendra Modi, Mauritius' PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe.
"Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people. Through Fintech connectivity, not only cross-border transactions but also cross-border connections will be strengthened. India's Unified Payments Interface, i.e., UPI, is now performing a new responsibility - Uniting Partners with India," Modi said.
Modi also stressed India's neighborhood first policy.
"India's policy is Neighborhood First. Our maritime vision is- 'SAGAR', i.e. Security And Growth for All in the Region. Our goal is peace, security and development in the entire region. India does not see its development in isolation from its neighboring friends," he said.
"This (UPI) would increase the tourism between us (India, Sri Lanka and Mauritius). I am confident that Indian tourists would also prefer destinations where UPI services are available," Modi added.
India's Foreign Minister S. Jaishankar and central bank governors from the three countries also attended the virtual ceremony.
The Indian government has long been pushing its UPI and RuPay network to end the dominance of Mastercard and Visa. India, which is also the most populated country, loses billions of rupees every year in transaction charges to Mastercard and Visa.
India has recently launched UPI services in Singapore, Bhutan, and the UAE, among other countries.