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Business News/ Companies / News/  PhonePe-LankaPay tie up: Here's how you can now make UPI payments via PhonePe in Sri Lanka
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PhonePe-LankaPay tie up: Here's how you can now make UPI payments via PhonePe in Sri Lanka

PhonePe said its app users travelling to Sri Lanka can make payments using UPI across LankaPay QR merchants.

PhonePe has partnered with LankaPay to enable UPI transactions for users travelling to the country. Photographer: Aparna Jayakumar/Bloomberg (Bloomberg)Premium
PhonePe has partnered with LankaPay to enable UPI transactions for users travelling to the country. Photographer: Aparna Jayakumar/Bloomberg (Bloomberg)

PhonePe on Wednesday, May 15 announced a partnership with LankaPay to allow its users to pay using unified payment interface (UPI) in Sri Lanka. At a recent event to mark the collaboration, PhonePe said its app users travelling to Sri Lanka can make payments using UPI across the LankaPay QR merchants.

The transactions will be facilitated by the UPI and LankaPay National Payment Network. Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in INR, showing the currency exchange rate.

Also Read: Money in your PhonePe, Paytm wallet? You can now use it to pay on any UPI app. What RBI's new rules say

The collaboration with LankaPay offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while travelling and paying across LankaQR merchant points, according to Ritesh Pai, CEO, International Payments, PhonePe.

Central Bank of Sri Lanka (CBSL) Governor Nandalal Weerasinghe mentioned about the collaboration's capacity to unlock new opportunities, enhance competitiveness and the benefits that it would bring to Sri Lankan merchants.

"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," said Channa de Silva, CEO, LankaPay.

Speaking at the event, 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. "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 added.

Also Read: Indian travellers can now use PhonePe UPI payments over 8,000 merchants in Singapore

Launched in August 2016, the PhonePe digital payments app has more than 520 million registered users and a digital payments acceptance network of 38 million merchants. PhonePe processes over 230 million daily transactions. According to the Reserve Bank of India's new rules, UPI users will now be able to use their wallet money to pay through any other third-party applications.

 

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Published: 15 May 2024, 06:55 PM IST
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