India's UPI to be available in Sri Lanka soon

Apart from the agreement on UPI acceptance, several agreements were also signed between India and Sri Lanka in the presence of Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe in New Delhi Friday.

Unified Payments Interface is an instant payment system developed by National Payments Corporation of India. The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. It is used on mobile devices to instantly transfer funds between two bank accounts.

The UPI payments system has been a major success in India for retail digital payments and it is witnessing acceptance across the world.

So far, France, UAE, and Singapore have collaborated with India on the growing fintech and payment technology.

In February 2023, India and Singapore signed an agreement to connect their respective payment systems.

This collaboration enables users in both countries to conduct cross-border transactions seamlessly.

Now, individuals in India and Singapore can engage in real-time money transfers using QR-code-based methods or by entering mobile numbers linked to their bank accounts.

This partnership aims to facilitate efficient and convenient financial transactions between the two nations, promoting greater economic connectivity and ease of doing business.

In February 2023, India and Singapore signed an agreement to connect their respective payment systems.

This collaboration enables users in both countries to conduct cross-border transactions seamlessly.

Now, people of India and Singapore can engage in real-time money transfers using QR-code-based methods or by entering mobile numbers linked to their bank accounts.

This partnership aims to facilitate efficient and convenient financial transactions between the two nations, promoting greater economic connectivity and ease of doing business.

France had also agreed to use the UPI payment mechanism earlier this month. It will begin from the iconic and tourist hotspot Eiffel Tower.

An MoU was also exchanged between the Reserve Bank of India (RBI) and the Central Bank of the UAE to interlink their payment and messaging systems.

This collaboration will enable the integration of the Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE.

As a result, users in both countries will have enhanced access and convenience in conducting cross-border transactions, fostering stronger financial ties and seamless payment experiences between India and the UAE.