Tuesday, May 28th, 2024

India’s PhonePe UPI launched in Sri Lanka

India’s fintech company PhonePe Unified Payments Interface (UPI) has been launched in Sri Lanka. Nandlal Weerasinghe, Governor of the Central Bank of Sri Lanka and Santosh Jha, High Commissioner of India to Sri Lanka, attended the launch event in Sri Lanka.

In a post on X, the Indian High Commission in Sri Lanka said, “Opening new frontiers in fintech connectivity! @PhonePe UPI payments goes live in Sri Lanka gracing the launch event of HC @santzha & @CBSL Governor Dr Nandlal Weerasinghe. By boosting @UPI_NPCI services, this launch will further strengthen the ease of visit for tourists to Sri Lanka.

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 between LankaPeQR merchants across the country.

According to the statement, PhonePe users can scan the LankaQR code to make secure and instant payments without carrying cash or calculating currency conversion.

Earlier in February, India’s instant payments technology service, Unified Payment Interface (UPI), was launched in Sri Lanka and Mauritius at a virtual event attended by Prime Minister Narendra Modi, his Mauritius counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe. Had participated. ,

India, which has emerged as a leader in fintech innovation and digital public infrastructure, has emphasized on sharing its development experiences and innovations with partner countries.

Addressing on this occasion through video conferencing, PM Modi said that this is an important event for the three countries of 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 a testament to our commitment towards 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’. Convenient and fast. PM Modi said that in 2023, a record 100 billion transactions worth Rs 2 trillion were done through UPI.

“Digital public infrastructure has revolutionized India. “Even the smallest businessman in our smallest village is making digital payments because of its convenience and speed.”

UPI is India’s mobile-based fast payment system that allows customers to make instant payments around the clock using a virtual payment address (VPA) created by the customer.

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