back Back

PhonePe & LankaPay to strengthen UPI payment acceptance in Sri Lanka

By Gloria Mathias

May 16, 2024

  • Cross Border Payments
  • Digital Payments
  • fintech APAC
Share

LankaPay, Cross-border Payments, Digital Payments, QR Payments, Lanka QR, Sri Lanka, Payments solutions, Fintech APAC, PhonePe, LankaQR, Sri Lanka Payments,PhonePe has enabled UPI payment acceptance in collaboration with LankaPay across LankaQR merchant points at an event held in Colombo.

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.

Key stakeholders from the Sri Lankan financial landscape attended the event, including senior representatives from the banking sectors, payment system providers, the tourism sector and business associations. LankaPay’s partnership with NPCI International Payments Limited (NIPL) facilitates this alliance.

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 scan the Lanka QR 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.

Santosh Jha, the 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. India is also supporting Sri Lanka in the development of its Unique Digital Identity Program and other components of the Digital Stack, which has immense transformative potential for Sri Lanka and the bilateral economic partnership.”

Ritesh Pai, CEO of International Payments at 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.”

Channa de Silva, CEO of LankaPay, added, “LankaPay is delighted to collaborate with PhonePe to revolutionize 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 the PhonePe app.”

 

 

Previous Article

May 16, 2024

TerraPay and Al Ansari exchange partner to simplify money transfer

Read More
Next Article

May 16, 2024

Paymentology & audax to offer end-to-end Cards-as-a-Service solutions

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Cross Border Payments

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

HSBC & Geidea to launch Omni Collect e-commerce payment solution in the UAE

Read More

Today

NeoFinity launches ‘NeoZAP’, a premier payment tag in India

Read More

Today

Lianlian DigiTech secures EMI license in Luxembourg

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023