India’s fintech company PhonePe Unified Payments Interface (UPI) has been launched in Sri Lanka. Central Bank of Sri Lanka Governor Nandalal Weerasinghe and India’s High Commissioner to Sri Lanka Santosh Jha attended the launch event in Sri Lanka.
In a post on X, the Indian High Commission in Sri Lanka stated, “Unlocking new frontiers in fintech connectivity! @PhonePe UPI payments goes live in Sri Lanka with HC @santjha & @CBSL Governor Dr. Nandalal Weerasinghe gracing the launch event. Giving a boost to @UPI_NPCI services, the launch will further strengthen ease for tourists in Sri Lanka.”
Unlocking new frontiers in fintech connectivity! @PhonePe UPI payments goes live in 🇱🇰 with HC @santjha & @CBSL Governor Dr. Nandalal Weerasinghe gracing the launch event. Giving a boost to @UPI_NPCI services, the launch will further strengthen ease for 🇮🇳 tourists in 🇱🇰. pic.twitter.com/VksYE0ZHg3
— India in Sri Lanka (@IndiainSL) May 15, 2024
On May 15, PhonePe announced that it has enabled UPI payment acceptance in collaboration with LankaPay. In a statement, PhonePe announced that its app users visiting Sri Lanka can now make payments using UPI across LankaPayQR merchants across the nation.
According to the statement, PhonePe users can simply scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions.
Earlier in February, India’s instant payment technology service, the Unified Payment Interface (UPI), was launched in Sri Lanka and Mauritius in a virtual event that was attended by Prime Minister Narendra Modi, his Mauritius counterpart Pravind Jugnauth and President of Sri Lanka Ranil Wickremesinghe.
India, which has emerged as a leader in fintech innovation and Digital Public Infrastructure placed a strong emphasis on sharing its development experiences and innovation with partner countries.
Addressing the occasion via video conferencing, PM Modi said it was an important event for three countries in the Indian Ocean region.
“Today is a special day for three friendly countries in the Indian Ocean region. Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people,” PM Modi said.
He said fintech connectivity will not only strengthen cross-border transactions but also cross-border connections.
“FinTech connectivity will not only boost cross-border transactions but also connections. India’s UPI (Unified Payment Interface) is now playing the role of ‘Uniting Partners with India’,” PM Modi said.He asserted that Digital Public Infrastructure such as UPI has brought about changes in the smallest of villages in India, as the technology is convenient and fast.In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI, PM Modi said.
“Digital Public Infrastructure has brought about a revolutionary change in India. Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed,” he said.
UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.
