PhonePe and LankaPay are working together to advance UPI payments across Sri Lanka. Announcing the partnership at a recent event in Colombo, PhonePe said it has enabled UPI payment acceptance in Sri Lanka, across LankaQR merchant points
It means that its app users travelling to Sri Lanka can now make payments using UPI across LankaPayQR merchants nationwide. Users can scan LankaQR code to make quick payments, removing the need to carry cash or calculate currency conversions.
Their account will be debited in INR, showing the currency exchange rate. These transactions are facilitated by the Unified Payments Interface (UPI) and LankaPay National Payment Network.
Speaking on the occasion, Shri Santosh Jha, High Commissioner of India to Sri Lanka, said: “The UPI launch is an important part of a larger goal for both countries to collaborate through a digital partnership.”
This includes support India is currently providing to Sri Lanka in the development of its Unique Digital Identity Program and other components of the Digital Stack.
Ritesh Pai, CEO, International Payments, PhonePe, added, “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.”
In February, it was revealed that Sri Lanka and Mauritius had rolled out Unified Payments Interface (UPI) services, a week after the Indian digital payment system was launched in France. The move means UPI settlement services are now available for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India.
Established in 2002, LankaPay is Sri Lanka’s National Payment Network. With a multitude of digital payment solutions, the entity facilitates domestic interbank payments and settlements under the guidance of the Central Bank of Sri Lanka. In 2020, under the guidance of the Central Bank of Sri Lanka, LankaPay launched LankaQR. Currently there are 19 local banks and finance companies connected to the LankaQR network with approximately 400,000 merchants across the island.
