Sri Lankan President Sees UPI Launch as Upgrade of Centuries-Old Trade Links

by Zulfick Farzan 12-02-2024 | 4:23 PM

COLOMBO (News 1st); At the virtual launch of the Unified Payments Interface (UPI) system in Sri Lanka on February 12, 2024, President Ranil Wickremesinghe drew historical parallels, highlighting the long-standing economic links between Sri Lanka and India.

"Our museums hold a number of coins, South Indian coins of over 1000 years old which have been found in different parts of villages of the dry zone. An indication that the South Indian trading corporations were very active even in the villages," President Wickremesinghe stated.

He emphasized the practicality of the UPI launch, mentioning Lanka QR and NIPL platforms facilitating seamless transactions between Sri Lanka and major Indian cities like Chennai and Mumbai. "This will be immensely valuable for businesses, with over 400,000 merchants already engaged," he added.

The President viewed the launch as a significant step towards deepening bilateral ties. "This aligns with the vision statement issued by Prime Minister Modi and myself during my visit to Delhi," he said. "Our Foreign Ministers recently confirmed good progress on implementing this vision."

Sharing his delight at Mauritius's inclusion in the initiative, President Wickremesinghe stated, "Both of us are island states and there has been historical connections between our two countries. And Sri Lanka looks forward to having closer relations with Mauritius"