TBM Staff - Mumbai PhonePe has announced a partnership with LankaPay wherein it will allow its users to make payments using UPI across Sri Lanka. During an event to mark the collaboration, PhonePe said that its app users travelling to Sri Lanka can now make payments using UPI across LankaPay QR merchants.
As mentioned by PhonePe, the transactions will be facilitated by the Unified Payments Interface (UPI) and LankaPay National Payment Network, reports Tarab Zaidi for Business Today.
Users will be required to scan LankaQR code, and they will be able to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in INR (Indian rupee), showing the currency exchange rate.
Ritesh Pai, International Payments CEO, PhonePe, said that the collaboration with LankaPay will offer unparalleled convenience to Indian tourists as they will now be able to use a familiar and secure payment method while travelling and paying across LankaQR merchant points.
Channa de Silva, CEO, LankaPay, said, “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.”
The collaboration was also mentioned by Central Bank of Sri Lanka (CBSL) Governor Nandalal Weerasinghe, who said this step will unlock new opportunities, enhance competitiveness and the benefits to Sri Lankan merchants.
Speaking at the event, Santosh Jha, High Commissioner of India to Sri Lanka, stated the importance of the UPI launch for both countries. “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,” Jha said.
