PhonePe Expands to Sri Lanka with Lankapay UPI Partnership
PhonePe in collaboration with LankaPay, launched its UPI payment services in Sri Lanka, enhancing the momentum of UPI adoption in the country. The launch event featured notable attendees, including Santosh Jha, the High Commissioner of India to Sri Lanka, Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), as well as prominent banking sector executives, payment system providers, business associations, and media representatives. PhonePe is recognized as India's leading digital wallet and payment app.
During his remarks at the launch, High Commissioner Santosh Jha emphasized that the familiarity and ease of using a well-known digital payment system would boost tourism from India. He also encouraged Sri Lankan companies to collaborate with Indian firms to develop innovations on the UPI platform, such as hotel bookings, cab services, and delivery solutions.
It is worth noting that Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe jointly inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka in collaboration with LankaPay on February 12, 2024. During President Wickremesinghe's visit in July 2023, a Vision Document was adopted, in which Prime Minister Modi emphasized the enhancement of financial connectivity as a crucial element.
Since its launch, over 6,000 transactions totaling more than SLR 240 million have been conducted in Sri Lanka. The introduction of PhonePe UPI is anticipated to further boost the existing digital fintech connectivity, including potential partnerships with leading Sri Lankan services like PickMe, a prominent taxi and food delivery app.
Broadening connections in the digital realm not only reinforces interpersonal ties but also stands as a remarkable testament to the collaborative efforts between India and Sri Lanka in cutting-edge technological arenas, aligning with the desires and hopes of their respective populations.
