 "UPI, UPI payments, UPI payment")
Fintech major PhonePe has collaborated with Sri Lanka-based LankaPay to enable Unified Payments Interface (UPI) transactions for the company’s users in the island nation.
The Bengaluru-based fintech’s users travelling to Sri Lanka can make payments using Unified Payments Interface’s (UPI) rails across LankaPay’s merchants throughout the country. Users will transact in Indian Rupees (INR), and will see currency exchange rates levied on such transactions.
Apart from the National Payments Corporation of India’s (NPCI) UPI, these transactions will be facilitated by the LankaPay National Payment Network.
LankaPay is owned by the Central Bank of Sri Lanka.
The launch of the payments service in the country’s capital saw the participation of Santosh Jha, the High Commissioner of India to Sri Lanka, and Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), among others.
Also Read
“This collaboration offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while travelling and pay across LankaQR merchant points. PhonePe has always been at the forefront of driving innovation in payments,” said Ritesh Pai, Chief Executive Officer (CEO), International Payments, PhonePe.
Channa de Silva, CEO, LankaPay, added, “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 travellers in making seamless UPI payments at all LankaQR merchant points in Sri Lanka via PhonePe app.
Last year, PhonePe said the company will offer UPI services in markets such as the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan. The NPCI acts as an enabler in these markets to promote UPI services.
The Walmart-owned fintech giant has plans to expand its presence in markets where the NPCI operates as an enabler, Business Standard reported in February this year.
PhonePe’s international push mirrors NPCI’s efforts to take UPI international.
This month, NPCI International Payments Limited (NIPL), the international arm of NPCI, entered into an agreement with the Bank of Namibia (BoN) for developing an instant payment system like UPI for the African nation.
NPCI has taken UPI global in key markets such as France, Sri Lanka, Singapore, and Mauritius.
