LankaPay – Sri Lanka’s National Payment Network announced its partnership with PhonePe – one of India’s most popular FinTech apps – towards accepting UPI payments at LankaQR merchant points at a grand event held at ITC Ratnadipa in Colombo on Wednesday (May 15).
The event was graced by the High Commissioner of India to Sri Lanka, Santosh Jha as the Chief Guest, who highlighted the key role played by fintech connectivity in the overall connectivity between India and Sri Lanka.
Addressing the gathering, the Guest of Honour – 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 made an insightful presentation at the event giving a snapshot of Sri Lanka’s digital payment landscape followed by 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.
The session featured Shashi Kandambi, GM/CEO, National Savings Bank; Sanjay Wijemanne, COO, Hatton National Bank PLC; Conrad Dias, Chairman, LOLC Finance PLC; and Renuka Fernando, Chairperson, Dialog Finance PLC who discussed how businesses can leverage digital payment technologies and tap into a wider market to stay competitive in an evolving economic landscape. The session was moderated by Channa de Silva, CEO – LankaPay.
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 the Banking sectors, Payment System Providers, and representatives from the 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, High Commissioner of India to Sri Lanka, Santosh Jha shared that, “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.” (Newswire)