By: Staff Writer
March 31, Colombo (LNW):The introduction of Alipay+ into Sri Lanka’s digital payment ecosystem presents both opportunities and challenges. On the one hand, it offers a seamless payment experience for international tourists and business travelers, boosting the local economy.
On the other, concerns such as data security, foreign dominance in the digital payment sector, and potential impacts on local financial institutions must be considered. This analysis explores the implications of Alipay’s entry and assesses whether it will serve Sri Lanka’s long-term economic interests.
In a significant development for Sri Lanka’s tourism and digital economy, LankaPay, the country’s National Payment Network, has collaborated with Ant International to enable Alipay+ transactions nationwide. This initiative allows over 400,000 LANKAQR merchants to accept mobile payments from tourists and business travelers via 14 international e-wallets integrated with Alipay+ in the initial phase.
Alipay+, a cross-border mobile payment solution by Ant International, connects over 1.7 billion users worldwide through 36 international e-wallets and banking applications. Under this system, visitors from 10 countries and regions can scan LANKAQR codes at Sri Lankan businesses and complete transactions as they would in their home countries.
Edward Yue, General Manager for Southeast Asia, Australia, and New Zealand at Ant International, emphasized the benefits of the partnership. He noted that the national LANKAQR infrastructure, developed by the Sri Lanka Central Bank and LankaPay, provides a strong foundation for digitalizing local businesses while enhancing interoperability and global connectivity.
The Alipay+ integration includes notable partners such as Alipay (China), AlipayHK (Hong Kong), MPay (Macao), Hipay (Mongolia), GCash (Philippines), Changi Pay and OCBC Digital (Singapore), Touch ‘n Go eWallet and MyPB by Public Bank Berhad (Malaysia), Naver Pay and Toss Pay (South Korea), TrueMoney (Thailand), BigPay (Malaysia, Singapore, Thailand), and Tinaba (Italy).
This initiative aligns with Sri Lanka’s broader economic objectives. According to the Sri Lanka Tourism Development Authority (SLTDA), the country experienced a 38% rise in tourist arrivals in 2024 compared to the previous year. For 2025, Sri Lanka targets attracting 3 million visitors and generating $5 billion in tourism revenue. The integration of Alipay+ is expected to facilitate this growth by enhancing the digital payment experience.
Channa de Silva, CEO of LankaPay, described the partnership as a milestone in Sri Lanka’s financial sector, stating that it would improve payment convenience for tourists and business travelers while increasing foreign exchange inflows. The LANKAQR system, introduced in 2020 by the Central Bank of Sri Lanka and managed by LankaPay, ensures standardized and interoperable QR code-based transactions, integrating consumers, banks, and merchants into a unified payment network.
Beyond digital transactions, Alipay+ offers additional benefits to merchants by connecting them with tourists through mobile app-based digital services. This could provide businesses with new opportunities to engage international customers and enhance their market reach.
However, Alipay’s expansion into Sri Lanka also raises certain concerns. While the platform streamlines cross-border payments, it increases reliance on a foreign financial network, potentially limiting growth opportunities for local payment providers. Additionally, data security and privacy issues may arise as international companies handle large volumes of user data.
Looking ahead, Ant International and LankaPay plan to further expand Alipay+ e-wallet acceptance and launch joint marketing efforts to encourage digital transactions across Sri Lanka. If properly managed, this collaboration could bolster tourism and the broader digital economy. However, Sri Lanka must carefully navigate regulatory and security challenges to ensure that the benefits of Alipay+ integration outweigh any potential risks
