RuPay Card and Unified Payments Interface system jointly launched by Mauritian and Indian Prime Ministers
The Indian RuPay Card services and Unified Payments Interface (UPI) system enabling Mauritian and Indian tourists, and visitors to effect debit or credit card payments using their local Mauritian and Indian cards, were jointly launched, today, via videoconferencing, by the Prime Minister, Mr Pravind Kumar Jugnauth, and the Prime Minister of the Republic of India, Shri Narendra Modi. The Mauritian Prime Minister attended the event at the Intercontinental Resort in Balaclava.
The new payment system was simultaneously launched in Sri Lanka by the President of Sri Lanka, Mr Ranil Wickremesinghe.
Ministers, the High Commissioner of India to Mauritius, Mrs K. Nandini Singla, and the Governor of the Bank of Mauritius (BoM), Mr Harvesh Seegoolam were among the dignitaries present at the launch.
In his keynote address, the Prime Minister stated that the Indian RuPay Card and UPI system is a flagship project of the Government of India in Mauritius and Sri Lanka to enable seamless cross-border financial transactions in a faster and more efficient manner. “India and Mauritius share strong cultural, commercial and people-to-people linkages and today we are bringing another dimension to this relationship through the launch of the new payment system”, he underlined. The collaboration of the BoM with the National Payments Corporation of India and the Reserve Bank of India, he stressed, has marked a new chapter in the history of payments in Mauritius.
He indicated that the system will enable Indians visiting Mauritius to effect payment by scanning merchant QR Codes with their mobile applications and likewise for Mauritians visiting in India. Payments will be instantaneous and will be effected in domestic currency with direct conversion thus eliminating the need for their currency, which according to him, will be faster, cheaper and more secure. He pointed out that the RuPay Card which has been co-branded with our national payment switch, MAUCAS, will be designated as a domestic card in Mauritius.
Access to digital services and digital public infrastructure as well as leveraging digital transformation opportunities to boost sustainable and inclusive growth is our utmost priority, affirmed Prime Minister Jugnauth. Mauritius, he stated, has already embarked on its digital transformation and a key highlight of this journey is an efficient, fast and cheap payment system. The BoM, he accentuated, has been at the front of the development of payment systems to promote orderly and balanced economic development.
As regards the payments domain, BoM has modernised payment infrastructures through the implementation of real-time gross settlement system, the Mauritius Automated Clearing and Settlement System (MACSS), in 2000, he recalled. The MACSS, he added, was upgraded to support multi-currency transactions followed by the completion of the Automation of the Port-Louis Clearing House.
Speaking on the innovative digital platform, MAUCAS, he indicated that it has revolutionised the payment landscape in Mauritius with the vibrant eco-system of private bank and non-bank service payment providers thus driving innovation and Fintech developments. Rapidly-evolving technologies are driving a shift to digital payment and the bank has transformed the domestic payment landscape into an enabling environment for new operators, services and products, observed the Prime Minister.
He moreover expressed heartfelt gratitude to the Government of India for lending its expertise and support to leverage on the digital transformation of the country.
As for his Indian Counterpart, Shri Narendra Modi, he underlined that through the launch of the project, modern digital links are being created among three friendly countries in the Indian Ocean Region. “This bears testimony to our commitment to the development of our people by enhancing Fintech connectivity and strengthening cross-border transactions and connections”, he stated.
India’s digital public infrastructure has brought a revolutionary change through the implementation of a faster and more effective mode of payment, he indicated. Last year, a record of 100 billion transactions amounting to two trillion Indian rupees took place through the UPI, which he said, is remarkable. India, he emphasised, has made significant strides in expanding the network of its digital payment systems in several countries namely Nepal, Singapore, and UAE, amongst others.
Moreover, the Indian Prime Minister highlighted that during the Covid-19 pandemic, the country was able to implement the World’s biggest Vaccination Programme by the use of technology, thus increasing more transparency, inclusivity and confidence., He also spoke of India’s maritime vision, SAGAR, and the Global South Strategy by laying emphasis on peace, security, growth and development for all regions.
With regard to the RuPay Card and UPI system, he is confident that the new payment mode will boost digital transformation, drive significant changes in local economies, and promote tourism. “We can also move towards cross-border remittances or person-to-person payment facilities”, he said, while reiterating his continuous support to friendly countries.
