Summary:

Prime Minister Narendra Modi has urged BRICS countries to embrace India's Unified Payments Interface (UPI) to foster financial integration. He mentioned the successful adoption of UPI in the UAE, while Mauritius has expressed interest in the technology. Launched in Dubai on March 28, 2024, through a partnership between Mashreq Bank and NPCI International Payments Limited (NIPL), this program aims to streamline payment processes for Indian visitors and simplify remittances via PhonePe by utilizing UPI infrastructure.

Following a Cabinet proposal, Maldives President Mohamed Muizzu announced on October 21 that India's Unified Payments Interface (UPI) will be implemented. This initiative demonstrates India's willingness to share digital and financial expertise. The Maldivian government expects UPI to enhance financial inclusion and transaction efficiency. Its implementation will be facilitated by a collaboration of banks, telecom companies, state-owned enterprises, and fintech firms. Despite the increase in digital payments, cash transactions still account for 60% of all transactions.

Source: IBEF 

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