12 February 2024
The Honourable Prime Minister of Mauritius, Mr Pravind Kumar Jugnauth, together with the Honourable Prime Minister of India, Shri Narendra Modi, and the Honourable President of Sri Lanka, Mr Ranil Wickremesinghe, have today witnessed the virtual launch of the RuPay and Unified Payments Interface (UPI) linkage between Mauritius and India. The Governor of the Bank of Mauritius, Mr Harvesh Kumar Seegolam, the Governor of the Reserve Bank of India, Shri Shaktikanta Das, and the Governor of the Central Bank of Sri Lanka, Dr P. Nandalal Weerasinghe were also present for the launch.
This new payment infrastructure will enable customers of participating banks to make seamless and secure payments both in Mauritius and in India. RuPay cards issued in Mauritius will be accepted at ATM and Point of Sales (POS) terminals in India, and Indians will be able to make UPI QR transactions at participating merchants in Mauritius.
With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI. Similarly, a Mauritian traveller will be able to do the same in India using the Instant Payment System (IPS) app of Mauritius. Further, with the adoption of RuPay technology, the MauCAS card scheme of Mauritius will enable banks in Mauritius to issue RuPay cards domestically. Such cards can be used at ATMs and POS terminals in Mauritius as well as in India. With this, Mauritius becomes the first country outside Asia to issue cards using RuPay technology. Indian RuPay cards would also be accepted at ATMs and POS terminals in Mauritius.
Commenting on this new payment service, the Governor of the Bank of Mauritius, Mr Harvesh Kumar Seegolam, stated that "the launch of the RuPay and UPI linkage between Mauritius and India marks a significant milestone in our efforts to enhance financial connectivity and promote digital transactions. This collaboration will not only facilitate seamless and secure cost-effective payments for our customers but also strengthen the economic ties between our two nations."
The RuPay and UPI linkage is expected to boost trade and tourism between Mauritius and India by providing a convenient and efficient payment solution for individuals and businesses. It will also contribute to Mauritius’ growth as an international financial centre.
The Bank of Mauritius and the Reserve Bank of India have worked closely together to ensure the successful implementation of this payment infrastructure. The Bank of Mauritius has benefitted from the support of the National Payments Corporation of India for this project. The Central Banks of Mauritius and India are both committed to continuously improving and expanding the service to meet the evolving needs of customers.
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