UPI Launch a "Game Changer" for Sri Lankan Economy

UPI Launch a "Game Changer" for Sri Lankan Economy - LankaPay Chief

by Zulfick Farzan 12-02-2024 | 12:58 PM

COLOMBO (News 1st); Channa De Silva, CEO of Lanka Pay, hailed the launch of Unified Payment Interface (UPI) services in Sri Lanka as a significant boost for the country's tourism industry and overall economy.

In a statement, De Silva emphasized the partnership with National Payment Corporation of India, which allows Indian tourists and business travelers to seamlessly pay at nearly 400,000 Lanka QR-enabled merchants using their familiar UPI payment apps.

De Silva highlighted the challenges faced by Indian tourists due to limited user-friendly payment options in Sri Lanka. "Most Indians are accustomed to QR code payments, and this initiative bridges that gap," he said.

The new gateway holds significant economic benefits for Sri Lanka, according to De Silva. "It attracts much-needed foreign exchange through formal banking channels," he explained. "Previously, money entered Sri Lanka through unofficial routes, but now these transactions will be transparent and boost the country's financial system."

In a significant move to promote regional digital integration and financial inclusion, India will officially launch its Unified Payment Interface (UPI) services in Sri Lanka and Mauritius today. 

The virtual ceremony will be overseen by Prime Minister Narendra Modi of India, President Ranil Wickremesinghe of Sri Lanka, and Prime Minister Pravind Jugnauth of Mauritius.