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Indian fintech firm Phone Pe begins its journey in Sri Lanka
Photo Courtesy: Phone Pe X page

Indian fintech firm Phone Pe begins its journey in Sri Lanka

| @indiablooms | 16 May 2024, 04:18 pm

Indian fintech major PhonePe on Wednesday it has enabled UPI payment acceptance in collaboration with LankaPay across LankaQR merchant points.

Santosh Jha, the High Commissioner of India to Sri Lanka attended the event which marked the beginning of PhonePe's journey in the neighbouring nation.

Attending as the chief guest, he highlighted the key role played by fintech connectivity in the overall connectivity between India and Sri Lanka. 

Addressing the gathering Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), acknowledged the collaboration’s capacity to unlock new opportunities and enhance competitiveness and the benefits that it would bring to Sri Lankan merchants.

Channa de Silva, CEO, 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 possibilities and growth avenues for local businesses.

Following the panel discussion, Ritesh Pai, the CEO of International Payments at PhonePe, unveiled insights on leveraging UPI for global markets and the growth prospects it offers for merchants.

The event also saw the presence of several key stakeholders from the Sri Lankan financial landscape, including senior representatives from Banking sectors, Payment System Providers, and representatives from tourism sector and business associations.

This alliance is facilitated through LankaPay’s partnership with NPCI International Payments Limited (NIPL).

During the event, PhonePe announced that its app users travelling to Sri Lanka can now make payments using UPI across LankaPayQR merchants nationwide. Users can simply scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. Their account will be debited in INR, showing the currency exchange rate. These transactions are facilitated by the Unified Payments Interface (UPI) and LankaPay National Payment Network.

Speaking on the occasion, 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.”

He mentioned that “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.”

Ritesh Pai, CEO, International Payments, PhonePe, added, “We are thrilled to announce our partnership with LankaPay. 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. PhonePe has always been at the forefront of driving innovation in payments. We are incredibly proud to be driving UPI adaptation across India, and our expansion to Sri Lanka is another exciting step forward.”

Channa de Silva, CEO, LankaPay, added, “LankaPay is delighted to collaborate with PhonePe to revolutionize the cross-border payments between Sri Lanka and India. This partnership is bound to provide greater convenience to Indian Tourists and Business Travelers in making seamless UPI payments at all LankaQR merchant points in Sri Lanka via PhonePe app. 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. I envisage that innovation to be the cornerstone of this alliance and would lead to further strengthening of bilateral relations between the two countries.”

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