PhonePe launches its UPI in SriLanka in collaboration with LankaPay
Summary
‘This collaboration provides unparalleled convenience to Indian tourists,’ Ritesh Pai, CEO of International Payments at PhonePe said. PhonePe users travelling to Sri Lanka can now make payments using UPI across LankaQR merchants nationwide, making transactions seamless and secure.
PhonePe on Wednesday, May 15, announced its partnership with LankaPay to enable Unified Payments Interface (UPI) payment acceptance across LankaQR merchant points throughout Sri Lanka. The event, held in Colombo, was attended by senior dignitaries from both the Sri Lankan and Indian governments.
Santosh Jha, the High Commissioner of India to Sri Lanka, was present as the chief guest. He emphasised the crucial role of fintech connectivity in enhancing the overall bilateral relations between India and Sri Lanka, referring to the broader implications of this collaboration, including support for Sri Lanka’s development of its Unique Digital Identity Program and other digital initiatives.
Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), also spoke at the event, highlighting the partnership’s potential to create new opportunities and boost competitiveness for Sri Lankan merchants.
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Channa de Silva, CEO of LankaPay, moderated a panel discussion titled ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses.’ The discussion featured prominent figures such as Shashi Kandambi, GM/CEO of National Savings Bank; Sanjay Wijemanne, COO of Hatton National Bank PLC; Conrad Dias, Chairman of LOLC Finance PLC; and Renuka Fernando, Chairperson of Dialog Finance Plc. The panel explored how businesses could leverage digital payment technologies to tap into broader markets and stay competitive.
Ritesh Pai, CEO of International Payments at PhonePe, shared insights on leveraging UPI for global markets and the growth prospects for merchants. He announced that PhonePe users travelling to Sri Lanka can now make payments using UPI across LankaQR merchants nationwide, making transactions seamless and secure. “We are thrilled to partner with LankaPay. This collaboration provides unparalleled convenience to Indian tourists,” he said.
Key stakeholders from the Sri Lankan financial sector, including representatives from banks, payment system providers, the tourism sector, and business associations, were also present.
Channa de Silva added, “Our collaboration with PhonePe is set to revolutionise cross-border payments. This partnership will offer greater convenience to Indian tourists and business travellers, making UPI payments seamless at all LankaQR merchant points in Sri Lanka. This innovation is poised to strengthen bilateral relations and enhance the payment experience for Indian visitors.”
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