PhonePe Partners with LankaPay to Introduce UPI Payments in Sri Lanka

New Delhi: PhonePe has announced a strategic partnership with LankaPay to enable its users to utilize UPI for payments across Sri Lanka.

This collaboration allows PhonePe app users visiting Sri Lanka to seamlessly make transactions using UPI at LankaPay QR merchants. Facilitated by UPI and LankaPay National Payment Network, this initiative enables secure and swift payments without the need for cash or currency conversion calculations. Transactions will be conducted in INR, displaying the current currency exchange rate.

Ritesh Pai, CEO of International Payments at PhonePe, emphasized the convenience this partnership brings to Indian tourists, offering them a familiar and secure payment method while in Sri Lanka. LankaPay CEO Channa de Silva expressed enthusiasm for the collaboration, highlighting its potential to enhance the payment experience for Indian visitors and provide cost-effective solutions for merchants.

Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), stressed the collaboration’s capacity to unlock new opportunities and improve competitiveness for Sri Lankan merchants. Santosh Jha, the High Commissioner of India to Sri Lanka, emphasized the significance of the UPI launch in fostering digital partnership between the two countries. Jha also mentioned India’s support for Sri Lanka’s digital initiatives, such as the Unique Digital Identity Programme, which holds transformative potential for bilateral economic ties.

The event featured a panel discussion on ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses’, attracting key stakeholders from Sri Lanka’s banking, tourism, and business sectors, as well as representatives from payment system providers and business associations.