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India’s PhonePe launches UPI payment in collaboration with LankaPay

May 18, Colombo (LNW): Adding further momentum to the UPI services in Sri Lanka, PhonePe in partnership with LankaPay, launched the PhonePe UPI payments in Sri Lanka on May 15, 2024. 

The launch event of India’s leading digital wallet and  payments app in Sri Lanka was graced by the presence of Shri Santosh Jha, the High Commissioner of India to Sri Lanka Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), along with a strong presence of banking sector executives, Payment System Providers, business associations and media.

   High Commissioner Jha in his remarks at the launch highlighted that the ease of a familiar digital payments systems would further encourage tourism from India. 

He also urged the companies in Sri Lanka to engage with Indian companies to build on the UPI stack for innovations in hotel bookings, cab bookings and delivery services.

Indian Prime Minister, Shri Narendra Modi along with the President of Sri Lanka Ranil Wickremesinghe jointly inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka, in collaboration with LankaPay on February 12, 2024. 

Referring to the Vision Document that was adopted during the visit of President Ranil Wickremesinghe in July 2023, Prime Minister Shri Narendra Modi had highlighted the strengthening financial connectivity as its key component.

  Since its launch, over 6000 transactions have taken place in Sri Lanka, with a value of over SLR 240 million.

 It is expected that the PhonePayUPI launch would further enhance the extant digital fintech connectivity, including through additional linkages for instance with PickMe, a leading taxi services and food delivery app of Sri Lanka.

Expanding linkages in digital spheres not only gives strength to people-to-people connectivity, it is also a stellar example of India-Sri Lanka partnership in new and emerging domains of technology, keeping pace with the aspirations and expectations of the people of the two countries.

LankaPay – Sri Lanka’s National Payment Network on Wednesday announced its partnership with PhonePe – one of India’s most popular fintech apps – towards accepting UPI payments at LankaQR merchant points.

PhonePe International Payments CEO Ritesh Pai said: “We are thrilled to announce our partnership with LankaPay. 

This collaboration offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while traveling and pay across LankaQR merchant points. 

PhonePe has always been at the forefront of driving innovation in payments. We are incredibly proud to be driving UPI adaptation across India, and our expansion to Sri Lanka is another exciting step forward.”

LankaPay CEO Channa de Silva CEO said: “LankaPay is delighted to collaborate with PhonePe to revolutionise the cross-border payments between Sri Lanka and India. 

This partnership is bound to provide greater convenience to Indian tourists and business travelers in making seamless UPI payments at all LankaQR merchant points in Sri Lanka via PhonePe app. 

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