PhonePe on Wednesday announced a partnership with LankaPay to allow its users to pay using UPI across Sri Lanka.
At an event to mark the collaboration, PhonePe said its app users travelling to Sri Lanka can make payments using UPI across LankaPay QR merchants. The transactions will be facilitated by the Unified Payments Interface (UPI) and LankaPay National Payment Network.
Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in INR, showing the currency exchange rate. PhonePe's CEO, International Payments, Ritesh Pai, said the collaboration with LankaPay offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while travelling and paying across LankaQR merchant points.
"We are excited about the potential of this collaboration that would enhance payment experience to Indian tourists and business travellers during their stay in Sri Lanka and also provide the merchants with a cost-effective proposition to card payments," LankaPay CEO Channa de Silva said. Central Bank of Sri Lanka (CBSL) Governor Nandalal Weerasinghe mentioned about the collaboration's capacity to unlock new opportunities, enhance competitiveness and the benefits that it would bring to Sri Lankan merchants.
Speaking at the event, Santosh Jha, High Commissioner of India to Sri Lanka, said 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 that has immense transformative potential for Sri Lanka and the bilateral economic partnership," Jha added.
Launched in August 2016, the PhonePe digital payments app has more than 520 million registered users and a digital payments acceptance network of 38 million merchants. PhonePe processes over 230 million daily transactions. The PhonePe Group has also expanded into financial services and consumer tech businesses.
There was also a panel discussion on 'The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses' as part of the event. National Savings Bank GM/CEO Shashi Kandambi, Hatton National Bank PLC COO Sanjay Wijemanne, LOLC Finance PLC Chairman Conrad Dias, and Dialog Finance Chairperson PLC Renuka Fernando discussed ways by which businesses can leverage digital payment technologies and tap into a wider market to stay competitive in an evolving economic landscape.
Key stakeholders from Sri Lanka, including representatives from the banking and tourism sectors, payment system providers and business associations, attended the event.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
