On May 15, 2024, PhonePe, in collaboration with LankaPay, launched PhonePe UPI payments in Sri Lanka, adding significant momentum to UPI services in the country. The launch event, attended by Shri Santosh Jha, High Commissioner of India to Sri Lanka, and Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), featured prominent banking sector executives, Payment System Providers, business associations, and media.
High Commissioner Jha emphasized in his remarks that the introduction of familiar digital payment systems would encourage tourism from India and urged Sri Lankan companies to collaborate with Indian firms to innovate in areas such as hotel bookings, cab services, and delivery operations.
The launch builds on the joint inauguration of Unified Payment Interface (UPI) services by Prime Minister Shri Narendra Modi and President H.E. Ranil Wickremesinghe on February 12, 2024, as outlined in the Vision Document during President Wickremesinghe’s visit to India in July 2023. Prime Minister Modi highlighted the enhancement of financial connectivity as a pivotal aspect of this collaboration.
Since its introduction, UPI transactions in Sri Lanka have surpassed 6,000, totaling over SLR 240 million. The introduction of PhonePe UPI is expected to further strengthen digital fintech connectivity, potentially integrating with platforms like PickMe, a leading taxi and food delivery app in Sri Lanka.
The expansion of digital linkages not only fosters people-to-people connectivity but also underscores the dynamic partnership between India and Sri Lanka in emerging technology domains, aligning with the aspirations of both nations’ populations.
Source: High Commission of India, Colombo – Press Release, May 16, 2024 https://hcicolombo.gov.in/press?id=eyJpdiI6ImRDbEdCbW16SkwwVDV4bXBoeXBYTVE9PSIsInZhbHVlIjoickVKbytiRUtjd0g3R2k3a3ZkeTlmQT09IiwibWFjIjoiOTRmZmU0YmViNjVhZWExMTlmNGNjZWEyNDI0ODkzZGE5MzlhZDE4ZDU4MTNjMGQ4Y2IwMTY0M2EwMmVlMzY0OSJ9
