Bharat’s leading fintech company, PhonePe, has expanded its horizons by launching its Unified Payments Interface (UPI) service in Sri Lanka. This move marks a significant step towards enhancing financial connectivity between India and Sri Lanka.
The launch event, attended by notable figures including the Central Bank of Sri Lanka Governor Nandalal Weerasinghe and Bharat’s High Commissioner to Sri Lanka, Santosh Jha, highlighted the importance of fostering fintech ties between the two countries.
The Bharatiya High Commission in Sri Lanka took to social media to announce the milestone, emphasizing the impact of this launch on advancing fintech connectivity.
With PhonePe’s UPI payments now operational in Sri Lanka, tourists and locals alike can enjoy the convenience of making secure and swift transactions across the country, without the hassle of carrying cash or dealing with currency conversions.
PhonePe’s collaboration with LankaPay enables users to seamlessly utilize UPI payment acceptance at LankaPayQR merchants throughout Sri Lanka. By simply scanning the LankaQR code, PhonePe users can initiate transactions, making the payment process effortless and efficient.
🎥 High Commissioner @santjha on the launch: https://t.co/ZXirCP5P83 pic.twitter.com/u4JglR0sT8
— India in Sri Lanka (@IndiainSL) May 15, 2024
This development reflects PhonePe’s commitment to providing innovative solutions for digital payments and enhancing financial inclusivity.
Earlier this year, Bharat’s instant payment technology service, the Unified Payment Interface (UPI), was introduced in Sri Lanka and Mauritius during a virtual event attended by key leaders including Prime Minister Narendra Modi.
The expansion of UPI into international markets underscores Bharat’s leadership in fintech innovation and its dedication to sharing developmental experiences with partner nations.
Addressing the significance of fintech connectivity, Prime Minister Modi emphasized its role in bolstering cross-border transactions and fostering stronger ties among nations. He highlighted the transformative impact of Bharat’s Digital Public Infrastructure, particularly the UPI, which has revolutionized digital payments across the nation, even in the most remote villages.
In 2023, UPI recorded a remarkable milestone with 100 billion transactions valued at Rs 2 trillion, demonstrating its widespread adoption and effectiveness in facilitating seamless transactions.
Prime Minister Modi’s remarks underscored the pivotal role of Digital Public Infrastructure in driving economic growth and empowering individuals and businesses through convenient and efficient payment solutions.
PhonePe’s launch of UPI payments in Sri Lanka signifies a significant step towards promoting financial connectivity between Bharat and Sri Lanka, fostering economic development, and enhancing the ease of transactions for individuals and businesses across borders.
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