People’s Bank, one of Sri Lanka’s largest and most trusted state-owned banks, continues to lead the way in digital financial innovation and in supporting the nation’s transition toward a modern, cashless society. Reinforcing this commitment, People’s Bank announced a major strategic partnership with UnionPay International (UPI), the world’s largest card issuer and one of the fastest-growing global payment networks.
The MoU was signed in Colombo in the presence of the Chairman of China Union Pay Mr. Dong Junfeng and the Chairman of People’s Bank Prof Narada Fernando, along with senior leadership from both institutions. This collaboration is closely aligned with the Government of Sri Lanka’s efforts to accelerate digital adoption and build a strong and inclusive digital economy.
Under this partnership, People’s Bank will issue UnionPay Cards, including the People’s Bank–LankaPay–UnionPay co-branded National Card, offering customers secure, convenient, and affordable payment solutions. The agreement also includes the expansion of Union Pay acceptance across People’s Bank’s extensive merchant network, covering both government and private sectors, from MSMEs to large corporates, further strengthening the country’s move toward a robust cashless ecosystem.
With its widespread branch network and large customer base, People’s Bank, together with UnionPay International, aims to advance financial inclusion by delivering innovative, low-cost digital payment solutions tailored to the Sri Lankan market.
