PhonePe partners with LankaPay to enable UPI payments in Sri Lanka | Fusion - WeRIndia

PhonePe announced a partnership with LankaPay on May 15, allowing its users to make payments using the unified payment interface (UPI) across Sri Lanka.

This collaboration enables PhonePe app users to pay at LankaPay QR merchants seamlessly. 

The UPI and LankaPay National Payment Network facilitate these transactions, letting users scan the LankaQR code for quick and secure payments without needing cash or worrying about currency conversions. The amount will be debited in INR, reflecting the currency exchange rate.

Ritesh Pai, PhonePe’s CEO of International Payments, highlighted the convenience this partnership offers Indian tourists, who can now use a familiar and secure payment method throughout their travels in Sri Lanka. LankaPay CEO Channa de Silva emphasized the benefits for both tourists and local merchants.

He also noted that this partnership provides a cost-effective alternative to card payments.

Central Bank of Sri Lanka Governor Nandalal Weerasinghe spoke about the collaboration’s potential to unlock new opportunities and enhance competitiveness for Sri Lankan merchants. He praised the initiative for its anticipated positive impact on the local economy.

Santosh Jha, High Commissioner of India to Sri Lanka, mentioned that the UPI launch is a significant step towards a broader digital partnership between the two countries.

He also noted India’s support for Sri Lanka’s Unique Digital Identity Program and other components of the Digital Stack, which hold transformative potential for both nations’ economic partnership.

PhonePe, launched in August 2016, boasts over 520 million registered users and a digital payments acceptance network of 38 million merchants. 

The app processes more than 230 million daily transactions. The PhonePe Group has also expanded into financial services and consumer tech businesses. Besides, it is cementing its position in the digital payment landscape.

The announcement event included a panel discussion on the future of digital payments in Sri Lanka in which various key persons participated. 

They also discussed leveraging digital payment technologies to tap into wider markets and stay competitive in an evolving economic landscape.

Representatives from the banking and tourism sectors, payment system providers, and business associations were among the key stakeholders who attended the event, signalling strong support for this new initiative.

Image Credit: Surajk22SK, CC BY-SA 4.0, via Wikimedia Commons

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