PhonePe collaborates with LankaPay to promote UPI payment acceptance in Sri Lanka

PhonePe collaborates with LankaPay to promote UPI payment acceptance in Sri Lanka

PhonePe has announced that it has enabled UPI payment acceptance in collaboration with LankaPay across LankaQR merchant points at a grand event held in Colombo.

Channa de Silva, CEO, of 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.

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Following the panel discussion, Ritesh Pai, the CEO of International Payments at PhonePe, unveiled insights on leveraging UPI for global markets and the growth prospects it offers for merchants.

The event also saw the presence of several key stakeholders from the Sri Lankan financial landscape, including senior representatives from the Banking sectors, Payment System Providers, and representatives from the tourism sector and business associations. This alliance is facilitated through LankaPay’s partnership with NPCI International Payments Limited (NIPL).

During the event, PhonePe announced that its app users travelling to Sri Lanka can now make payments using UPI across LankaPayQR merchants nationwide. 

Users can simply scan the LankaQR code to make secure and quick payments without carrying cash or calculating 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.

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Speaking on the occasion, Shri Santosh Jha, High Commissioner of India to Sri Lanka, shared, “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, of 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 travelling 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.

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