Transactions Possible Without Currency Exchange Office

India and Mauritius have marked a significant milestone with the launch of the RuPay Card and Unified Payments Interface (UPI) platform, enhancing transactional ease between the two nations.

The initiative, unveiled on February 12, 2024, eliminates the necessity for currency exchange offices, streamlining financial interactions. Distinguished figures from both countries graced the event, including the Prime Minister of Mauritius, Mr. Pravind Kumar Jugnauth, and his Indian counterpart, Shri Narendra Modi. Also in attendance was the President of Sri Lanka, Mr. Ranil Wickremesinghe, alongside notable representatives from financial institutions, such as Mr. Harvesh Kumar Seegolam from the Bank of Mauritius (BoM) and Shri Shaktikanta Das from the Reserve Bank of India.

The newly introduced payment system empowers customers of participating banks to conduct secure transactions seamlessly in both Mauritius and India. RuPay Cards issued in Mauritius are now readily accepted at ATMs and point-of-sale terminals in India, while Indian nationals can engage in UPI QR transactions at designated merchants in Mauritius.

Harvesh Seegolam, in his remarks, highlighted the initiative’s aim to simplify the lives of Mauritians, emphasizing the potential cost savings afforded by bypassing currency exchange offices. This initiative heralds a new era of financial connectivity and convenience between India and Mauritius, fostering economic cooperation and enhancing cross-border transactions.