Sri Lanka (Commonwealth Union)_ PhonePe has announced a partnership with LankaPay, facilitating its users to utilize Unified Payments Interface (UPI) services across Sri Lanka. This collaboration aims to enhance payment convenience for PhonePe users visiting Sri Lanka, enabling them to conduct transactions through UPI across LankaPay QR merchants. These transactions will be executed through the Unified Payments Interface (UPI) and the LankaPay National Payment Network. Accordingly, through scanning LankaQR codes, users can securely and immediately make payments without the need for physical currency or the hassle of currency conversions. Transactions will be denominated in Indian rupees (INR), with the corresponding currency exchange rate displayed for transparency.
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Ritesh Pai, CEO of International Payments at PhonePe, expressed enthusiasm regarding the collaboration with LankaPay, highlighting the enhanced convenience it offers to Indian tourists. This partnership provides familiarity and security in payment methods while traversing Sri Lanka and engaging with LankaQR merchants. Additionally, LankaPay CEO Channa de Silva underscored the significance of this collaboration in elevating the payment experience for Indian tourists and business travelers in Sri Lanka. Additionally, de Silva noted the cost-effective advantages this collaboration brings to merchants in comparison to card payments.
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Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), emphasized the partnership’s potential to unlock new opportunities and enhance competitiveness, particularly benefiting Sri Lankan merchants. Furthermore, the Indian High Commissioner to Sri Lanka, Santosh Jha, reiterated the importance of the UPI launch in fostering digital cooperation between both nations. Jha also mentioned India’s support for Sri Lanka in developing its Unique Digital Identity Program and other components of the Digital Stack, emphasizing their transformative potential for Sri Lanka and bilateral economic partnership.
PhonePe, established in August 2016, boasts more than 520 million registered users and a network of 38 million merchants for digital payment acceptance. The PhonePe Group has diversified into the financial services and consumer technology sectors. Additionally, representatives from various sectors, including banking, tourism, payment systems, and business associations, took part in the event, underscoring the broad interest and potential impact of digital payment advancements in Sri Lanka.
The event also featured a panel discussion on ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses.’ Accordingly, notable figures such as Shashi Kandambi, GM/CEO of the National Savings Bank; Sanjay Wijemanne, COO of Hatton National Bank PLC; Conrad Dias, Chairman of LOLC Finance PLC; and Renuka Fernando, Chairperson of Dialog Finance PLC, discussed strategies for businesses to leverage digital payment technologies and expand their market reach to remain competitive.
