Adding further momentum to UPI services in Sri Lanka, PhonePe, in partnership with LankaPay, launched PhonePe UPI payments in Sri Lanka on May 15, 2024. The launch event of India’s leading digital wallet and payments app was attended by Shri Santosh Jha, the High Commissioner of India to Sri Lanka, and Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), along with numerous banking sector executives, payment system providers, business associations, and media representatives.
High Commissioner Jha emphasized that the familiarity of digital payment systems like UPI would encourage more Indian tourists to visit Sri Lanka. He also encouraged Sri Lankan companies to collaborate with Indian firms to build on the UPI platform, innovating in areas such as hotel bookings, cab services, and delivery services.
It is worth noting that Prime Minister Shri Narendra Modi and President of Sri Lanka H.E. Ranil Wickremesinghe jointly inaugurated the UPI services in Sri Lanka on February 12, 2024, in collaboration with LankaPay. This initiative is part of the Vision Document adopted during President Wickremesinghe’s visit to India in July 2023, which highlighted strengthening financial connectivity as a key component.
Since its inauguration, over 6,000 transactions valued at more than SLR 240 million have taken place in Sri Lanka. The launch of PhonePe UPI is expected to further enhance digital fintech connectivity, including additional linkages with PickMe, a leading taxi and food delivery app in Sri Lanka.
Expanding digital linkages not only strengthens people-to-people connectivity but also exemplifies the India-Sri Lanka partnership in emerging technologies, aligning with the aspirations and expectations of people in both countries.
