At a major ceremony held in Colombo, PhonePe announced that it has allowed UPI payments acceptance in partnership with LankaPay across LankaQR merchant points. As the Chief Guest of the ceremony, His Excellency Shri Santosh Jha, the Indian High Commissioner to Sri Lanka, emphasised the vital role fintech connection plays in the overall connectivity between India and Sri Lanka.
Senior government officials from India and Sri Lanka attend an event that PhonePe and LankaPay are hosting.
In his speech, Dr. Nandalal Weerasinghe, the governor of the Central Bank of Sri Lanka (CBSL), noted the advantages that the partnership would offer to Sri Lankan retailers as well as its potential to create new possibilities and boost competitiveness.
Channa de Silva, CEO, LankaPay also addressed the audience and moderated an insightful panel discussion on ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses,’ which focused on the possibilities and growth avenues for local businesses.
Speakers at the session included Mr Conrad Dias, Chairman of LOLC Finance PLC; Ms. Renuka Fernando, Chairperson of Dialogue Finance PLC; Mrs. Shashi Kandambi, GM/CEO of National Savings Bank; and Mr. Sanjay Wijemanne, COO of Hatton National Bank PLC. They talked about how businesses can use digital payment technologies and reach a wider market to stay competitive in a changing economic landscape.
After the panel discussion, PhonePe’s CEO of International Payments, Ritesh Pai, shared his perspective on using UPI for international markets and the opportunities for merchant expansion that it presents.
Several significant participants from Sri Lanka’s financial scene were also present at the event, including top members from the banking and payment system providers sectors, as well as representatives from business associations and the tourism industry. LankaPay’s collaboration with NPCI International Payments Limited (NIPL) makes this alliance possible.
PhonePe revealed during the occasion that users of its app visiting Sri Lanka can now pay with UPI at any LankaPayQR retailers in the country. To make safe and rapid payments without carrying cash or figuring out currency conversions, users only need to scan the LankaQR code.
The exchange rate will be displayed when their account is debited in Indian rupees. The LankaPay National Payment Network and the Unified Payments Interface (UPI) enable these transactions.
Speaking on the occasion, Shri Santosh Jha, High Commissioner of India to Sri Lanka, shared that, “The UPI launch is an important part of a larger goal for both countries to collaborate through a digital partnership.” He mentioned that “India is also supporting Sri Lanka in the development of its Unique Digital Identity Program and other components of the Digital Stack that has immense transformative potential for Sri Lanka and the bilateral economic partnership.”
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. 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.”
Channa de Silva, CEO, LankaPay, added, “LankaPay is delighted to collaborate with PhonePe to revolutionize 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.
We are excited about the potential of this collaboration that would enhance payment experience to Indian tourists and business travellers during their stay in Sri Lanka and also provide the merchants with a cost-effective proposition to card payments. I envisage that innovation to be the cornerstone of this alliance and would lead to further strengthening of bilateral relations between the two countries.”