PhonePe Launches UPI Payments in Sri Lanka

PhonePe Launches UPI Payments in Sri Lanka

PhonePe Launches UPI Payments in Sri Lanka

Key Highlights:

1. PhonePe’s UPI payments introduced in Sri Lanka in collaboration with LankaPay.
2. Indian High Commissioner and Sri Lankan Central Bank Governor attend launch event.
3. Prime Minister Narendra Modi emphasizes fintech connectivity’s importance in the Indian Ocean region.

India’s fintech giant PhonePe has introduced its Unified Payments Interface (UPI) in Sri Lanka, marking a significant step in enhancing digital payment solutions in the country. The launch event, attended by dignitaries including India’s High Commissioner to Sri Lanka Santosh Jha and Sri Lanka’s Central Bank Governor Nandalal Weerasinghe, signifies a new era in fintech connectivity between the two nations.

PhonePe’s collaboration with LankaPay enables its app users visiting Sri Lanka to seamlessly make UPI payments across the nation’s LankaPayQR merchants. This development simplifies transactions for tourists, eliminating the need for cash and currency conversions. Prime Minister Narendra Modi, in a virtual event earlier this year, highlighted the importance of fintech connectivity in the Indian Ocean region, underscoring India’s commitment to sharing its development experiences and innovations with partner countries.

PM Modi emphasized the transformative impact of Digital Public Infrastructure like UPI, which has facilitated over 100 billion transactions valued at Rs 2 trillion in 2023 alone. This initiative not only boosts cross-border transactions but also strengthens connections, fostering economic growth and digital inclusivity in the region.

Source: ANI