PhonePe today announced that it has enabled UPI payment acceptance at all LankaQR merchant points in collaboration with LankaPay at a major event in Colombo.
The event was graced by His Excellency Shri Santosh Jha, High Commissioner of India to Sri Lanka as the Chief Guest, who highlighted the key role that Fintech connectivity plays in the overall connectivity between India and Sri Lanka. In his speech to the meeting, Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), highlighted the collaboration’s ability to unlock new opportunities and improve competitiveness, as well as the benefits it would bring to Sri Lankan traders.
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 opportunities and growth opportunities for local businesses. The meeting was attended by: Ms. Shashi Kandambi, GM/CEO, National Savings Bank; Mr. Sanjay Wijemanne, COO, Hatton National Bank PLC; Mr. Conrad Dias, Chairman, LOLC Finance PLC; and Ms. Renuka Fernando, Chairperson of Dialog Finance PLC, who spoke about how businesses can leverage digital payment technologies and tap into a broader market to remain competitive in an evolving economic landscape.
Following the panel discussion, Ritesh Pai, CEO of International Payments at PhonePe, shared insights into leveraging UPI for global markets and the growth prospects it offers merchants.
The event was also attended by several key stakeholders from the Sri Lankan financial landscape, including senior representatives from the banking sector, payment system providers, as well as representatives from the tourism sector and business associations. This alliance is made possible through LankaPay’s partnership with NPCI International Payments Limited (NIPL).
During the event, PhonePe announced that its app users traveling to Sri Lanka can now make payments using UPI at LankaPayQR merchants nationwide. Users can simply scan the LankaQR code to make secure and fast payments without carrying cash or calculating currency conversions. Your account will be debited in INR quoting the exchange rate. These transactions are facilitated by the Unified Payments Interface (UPI) and the LankaPay National Payment Network.
Speaking on the occasion, Shri Santosh Jha, High Commissioner of India to Sri Lanka said, “The UPI launch is an important part of a larger aim of both countries to work together under digital partnership.” He mentioned that “India is also supporting Sri Lanka in developing its Unique Digital Identity Program and other components of the digital stack, which has immense transformational potential for Sri Lanka and the bilateral economic partnership.”
Ritesh Pai, CEO, International Payments, PhonePe, added: “We are pleased to announce our partnership with LankaPay. This collaboration offers Indian tourists unprecedented convenience as they can now use a familiar and secure payment method while traveling and pay through LankaQR merchant points. PhonePe has always been at the forefront of driving innovation in payments. We are incredibly proud to drive UPI customization across India and our expansion into Sri Lanka is another exciting step forward.”
Channa de Silva, CEO of LankaPay, added: “LankaPay is pleased to partner with PhonePe to revolutionize cross-border payments between Sri Lanka and India. This partnership aims to provide greater convenience to Indian tourists and business travelers in making UPI payments seamlessly at all LankaQR merchant locations in Sri Lanka via the PhonePe app. We are excited about the potential of this collaboration, which would improve the payment experience for Indian tourists and business travelers during their stay in Sri Lanka and also provide merchants with a cost-effective card payment offering. I imagine that this innovation will be the cornerstone of this alliance and will lead to a further strengthening of bilateral relations between the two countries.”