In a groundbreaking move set to reshape the landscape of digital payments in Sri Lanka, PhonePe, one of India’s leading digital payment platforms, has joined forces with LankaPay to introduce Unified Payments Interface (UPI) payments across the island nation.
This strategic collaboration aims to seamlessly integrate UPI technology into the existing infrastructure of LankaPay QR merchants, offering users unparalleled convenience and security while traveling or conducting transactions within Sri Lanka.
The partnership between PhonePe and LankaPay signifies a significant step towards enhancing the payment experience for both Indian tourists and business travelers visiting Sri Lanka. With UPI payments now accessible at LankaPay QR merchants, PhonePe users can effortlessly make transactions without the need for cash or cumbersome currency conversions.
This integration not only streamlines the payment process but also provides users with a familiar and secure payment method, aligning with the growing trend towards digitalization in the global financial ecosystem.
Enhanced Convenience for Indian Tourists
For Indian tourists exploring the scenic landscapes and cultural heritage of Sri Lanka, the introduction of UPI payments through PhonePe represents a monumental leap forward in terms of convenience and ease of transactions.
Traditionally, travelers have faced challenges related to currency exchange rates, language barriers, and the risk of carrying large sums of cash. However, with the availability of UPI payments at LankaPay QR merchants, Indian visitors can now conduct transactions using their familiar PhonePe app, eliminating the need for physical currency and mitigating security concerns.
Moreover, the seamless integration of UPI technology ensures a hassle-free payment experience for tourists, allowing them to focus more on enjoying their travels and less on navigating complex payment processes.
Whether dining at local restaurants, shopping for souvenirs, or engaging in recreational activities, Indian tourists can now rely on the convenience and security offered by PhonePe’s UPI platform, enhancing their overall experience during their stay in Sri Lanka.
Support from Key Figures
The collaboration between PhonePe and LankaPay has garnered widespread acclaim from key figures within the fintech industry and diplomatic circles. Ritesh Pai, CEO of PhonePe, expressed enthusiasm for the partnership, highlighting its potential to transform the digital payment landscape in Sri Lanka and foster greater financial inclusion.
Similarly, Channa de Silva, CEO of LankaPay, underscored the significance of integrating UPI payments into Sri Lanka’s existing payment infrastructure, emphasizing the benefits it would bring to merchants and consumers alike.
The endorsement from prominent figures such as Santosh Jha, the High Commissioner of India to Sri Lanka, further reinforces the importance of digital partnerships in driving economic growth and innovation across borders.
Panel Discussion Explores the Future of Digital Payments in Sri Lanka
As part of the launch event commemorating the partnership between PhonePe and LankaPay, a panel discussion titled ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses’ was convened.
The discussion brought together key stakeholders from Sri Lanka’s banking, tourism, and business sectors to deliberate on leveraging digital payment technologies to stay competitive in an evolving economic landscape.
Representatives from renowned financial institutions including the National Savings Bank, Hatton National Bank PLC, LOLC Finance PLC, and Dialog Finance PLC participated in the panel, offering valuable insights and perspectives on the role of digital payments in driving economic growth and financial inclusion in Sri Lanka.
Topics discussed during the panel included the challenges and opportunities associated with transitioning to a cashless society, the importance of collaboration between the public and private sectors in promoting digital innovation, and strategies for enhancing consumer trust and adoption of digital payment solutions.
The panel discussion served as a platform for stakeholders to exchange ideas, share best practices, and chart a course towards a more digitally inclusive future for Sri Lanka. By harnessing the transformative power of digital payments, businesses and financial institutions in Sri Lanka are poised to unlock new opportunities for growth and innovation in the years to come.
