PhonePe, LankaPay to advance UPI payments in Sri Lanka

Friday 17 May 2024 11:02 CET | News

India-based fintech company PhonePe, in collaboration with LankaPay, has announced its plans to enable UPI transactions for its users across Sri Lanka. 

By joining forces with LankaPay, PhonePe aims to allow Unified Payments Interface (UPI) transactions for its customers located in Sri Lanka. Users travelling to the region are set to be able to conduct payments leveraging the UPI rails across LankaPay’s merchants' network, with them having the ability to transact in Indian Rupees (INR) and receive currency exchange services on such transactions. In addition to the National Payments Corporation of India’s (NPCI) UPI, the LankaPay National Payment Network supports these transactions.

PhonePe, in collaboration with LankaPay, has announced its plans to enable UPI transactions for its users across Sri Lanka.

What are the advantages of PhonePe and LankaPay’s collaboration?

According to PhonePe’s officials, the partnership with LankaPay is set to deliver increased convenience to Indian tourists, allowing them to leverage a familiar and secure payment method while travelling and paying across LankaQR merchant points. Representatives from LankaPay added that the current move aims to enhance cross-border payments between Sri Lanka and India, with the two companies focusing on offering greater efficiency and accessibility to individuals and business travellers in making simplified UPI payments at the company’s network via the PhonePe app.

Moreover, in 2023, PhonePe announced its plans to provide UPI services in additional markets, including the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan. The NPCI was set to act as an enable in these regions to promote UPI solutions. Also, PhonePe plans to advance its footprint and presence in markets where the NPCI is an enabler. For example, in March 2024, Mashreq partnered with NPCI International Payments to integrate PhonePe with NEOPAY and enhance financial connectivity between the UAE and India. Through this process, the companies intended to facilitate a secure and efficient suite of payment solutions for Indian tourists across multiple merchant locations and businesses in the UAE.

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Keywords: partnership, cross-border payments, UPI, payments , mobile payments, financial services
Categories: Payments & Commerce
Companies: LankaPay, PhonePe
Countries: India, Sri Lanka
This article is part of category

Payments & Commerce




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