This new payment infrastructure will enable customers of participating banks to make transparent and secure transactions both in Mauritius and India. Mauritius thus becomes the first country, outside of Asia, to issue cards using RuPay technology.
An Indian passing through Mauritius will now be able to make payments digitally and in real time via the unified payment interface (UPI). At the same time, a Mauritian traveling to the Great Peninsula will be able to do the same using the Mauritius IPS (“Instant Payment System”) application. Prime Minister of Mauritius, Pravind Jugnauth, along with his Indian counterpart, Shri Narendra Modi, and President of Sri Lanka, Ranil Wickremesinghe, attended the virtual launch of the RuPay link and the Unified Payments Interface (UPI) between Mauritius and India on February 12 at the Intercontinental Hotel, Balaclava.
With the adoption of RuPay technology, Mauritius' MauCAS card system will enable local banks to issue RuPay cards nationally. These will be able to be used in ATMs and point-of-sale terminals in the country, such as in India. Mauritius thus becomes the first country, outside of Asia, to issue cards using this technology. Indian RuPay cards will also be accepted at ATMs and point-of-sale terminals in Mauritius. These cards issued in Mauritius will be accepted at ATMs and points of sale in India. Additionally, Indians will be able to carry out UPI QR transactions at participating merchants in Mauritius.
The Bank of Mauritius (BoM) and the Reserve Bank of India have worked closely to implement this payment infrastructure. The Bank of Mauritius benefited from the support of the National Payments Corporation of India for this project. For the governor of the banking institution, Harvesh Seegolam, the digital strategy is very important. According to him, there has been a lot of innovation brought by the BoM concerning the payment system, and this launch is a moment of honor.
From the BoM side, it is indicated that the link between RuPay and UPI is expected to stimulate trade and tourism between Mauritius and India providing a convenient and efficient payment solution to individuals and businesses. It will also contribute to the country's growth as an international financial center.
In terms of the cybersecurity aspect, taking into account the evolution of financial crimes, Harvesh Seegolam affirms that there is a strategy in this regard. “There is a committee for the banking and non-banking sector that I chair. We worked closely with international institutions to define a cybersecurity strategy. The risks associated with digital payment have been taken into account and the products have been prepared while limiting the dangers as much as possible. The financial education campaigns aimed at the population, which are ongoing, will continue,” he points out.
Furthermore, the Bank of Mauritius is working with other countries, including major trading partners, to replicate this same payment model.