In a significant move aimed at enhancing digital payment accessibility for Indian travellers, fintech major PhonePe has forged a strategic partnership with LankaPay to introduce Unified Payments Interface (UPI) payments for users visiting Sri Lanka.
Convenient UPI Payments
Under this partnership, PhonePe users can conveniently make UPI payments by scanning QR codes at LankaPayQR merchants, leveraging the interoperability between UPI and the LankaPay National Payment Network.
Simplified Payment Process
One of the key highlights of this collaboration is the debiting of user accounts in Indian rupees at prevailing exchange rates, simplifying the payment process and eliminating the need for currency conversion hassles.
Extensive Merchant Network
With over 4 Lakh merchant partners across Sri Lanka, LankaPay boasts an extensive network that ensures widespread acceptance of UPI payments, enhancing convenience for Indian travellers.
Dignitary Presence
The official launch event held in Colombo witnessed the presence of notable dignitaries, including Indian High Commissioner to Sri Lanka Santosh Jha and Central Bank of Sri Lanka’s Governor Nandalal Weerasinghe.
Enthusiastic Collaboration
Ritesh Pai, CEO of PhonePe’s international payments arm, expressed enthusiasm about the collaboration, highlighting its potential to offer unparalleled convenience to Indian tourists.
Transformative Impact
Channa de Silva, CEO of LankaPay, emphasized the transformative impact of this collaboration on cross-border payments between India and Sri Lanka, enhancing the seamless UPI payment experience.
Strategic Alliance
This strategic alliance aligns with PhonePe’s broader expansion strategy and its commitment to delivering customer-centric solutions beyond India’s borders, unlocking new opportunities for Sri Lankan merchants.
Initiative by PM Modi
The launch of UPI payments in Sri Lanka follows Prime Minister Narendra Modi’s initiative to roll out UPI services in the country earlier this year, signaling a significant step towards enhancing bilateral trade and economic cooperation.
Global Expansion
Moreover, PhonePe’s recent partnership with the Singapore Tourism Board underscores its commitment to extending UPI-enabled payment solutions to Indian travellers globally, consolidating its position as a leading player in the international payments landscape.
Promoting Financial Interoperability
As the National Payments Corporation of India (NPCI) continues its efforts to internationalize the UPI infrastructure, collaborations like these play a pivotal role in promoting financial interoperability and fostering cross-border transactions.
Milestone Achievement
With PhonePe’s dominant presence in the UPI ecosystem, accounting for a substantial share of total transactions, the expansion of UPI payments to Sri Lanka signifies a significant milestone in the journey towards digital financial inclusion and global connectivity.
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