Sri Lanka inaugurates its Unified Payment Interface (UPI) service today, marking a significant milestone in financial integration with support from India, as Prime Minister Narendra Modi and President Ranil Wickremesinghe oversee the launch via video conference.
In a landmark development for Sri Lanka’s financial landscape, the country officially launches its Unified Payment Interface (UPI) service today, bolstered by collaborative efforts with India and heralding a new era of digital payment solutions.
Prime Minister Narendra Modi of India and President Ranil Wickremesinghe of Sri Lanka presided over the virtual launch ceremony, underscoring the strategic partnership between the two nations in promoting regional digital integration and financial inclusion.
Channa De Silva, CEO of Lanka Pay, lauded the introduction of UPI services as a pivotal advancement for Sri Lanka’s tourism sector and overall economic resilience. De Silva emphasized the transformative potential of the partnership with India’s National Payment Corporation, facilitating seamless transactions for Indian tourists and business travelers at nearly 400,000 Lanka QR-enabled merchants using familiar UPI payment apps.
Highlighting the significance of the initiative in addressing the payment preferences of Indian visitors, De Silva emphasized the role of QR code payments in bridging the gap and enhancing convenience for travelers. Moreover, he emphasized the economic benefits accruing to Sri Lanka, including increased transparency in financial transactions and bolstered foreign exchange inflows through formal banking channels.
The expansion of UPI services to Sri Lanka represents a strategic step towards fostering digital connectivity and financial accessibility within the region. With India also set to launch UPI services in Mauritius concurrently, the initiative underscores the commitment to promoting digital innovation and financial inclusivity across borders, paving the way for enhanced economic cooperation and development opportunities.
