In a significant move to enhance cross-border payments, fintech major PhonePe has collaborated with Sri Lanka-based LankaPay to facilitate Unified Payments Interface (UPI) transactions for its users in the island nation. This partnership enables PhonePe’s users traveling to Sri Lanka to make payments via UPI across LankaPay’s extensive network of merchants, with transactions conducted in Indian Rupees (INR) and subject to applicable currency exchange rates.
The service launch in Colombo was attended by notable dignitaries, including Santosh Jha, the High Commissioner of India to Sri Lanka, and Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL). “This collaboration offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while traveling and pay across LankaQR merchant points,” said Ritesh Pai, CEO of International Payments at PhonePe.
Channa de Silva, CEO of LankaPay, remarked, “LankaPay is delighted to collaborate with PhonePe to revolutionize cross-border payments between Sri Lanka and India. This partnership provides greater convenience to Indian tourists and business travelers in making seamless UPI payments at all LankaQR merchant points in Sri Lanka via the PhonePe app.”
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PhonePe has previously announced plans to extend its UPI services to markets including the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan, with the National Payments Corporation of India (NPCI) playing a key role as an enabler. This international expansion aligns with NPCI’s broader initiative to globalize UPI.
Recently, NPCI International Payments Limited (NIPL), the international arm of NPCI, entered into an agreement with the Bank of Namibia to develop an instant payment system similar to UPI for the African nation. NPCI’s global footprint now includes key markets such as France, Sri Lanka, Singapore, and Mauritius.
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