Prime Minister Narendra Modi on Saturday announced that the governments of both India and Sri Lanka are working together on fintech sector connectivity by linking Unified Payments Interface (UPI) and Lanka Pay.
PM Modi announced the plan to link UPI and Lanka Pay when he was addressing the event to launch ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka, via a video message.
Previously, PM Modi and Sri Lanka President Ranil Wickremesinghe in India signed an agreement on Unified Payments Interface (UPI) acceptance in Sri Lanka during Sri Lanka President Ranil Wickremesinghe’s two-day visit to India.
In 2022, National Payments Corporation Of India (NPCI), the umbrella organisation that offers UPI services, signed an MoU with France’s fast and secure online payment system, called Lyra. In 2023, UPI and Singapore’s PayNow signed an agreement, allowing users in either country to make cross-border transactions.
The UAE, Bhutan, and Nepal have already adopted the UPI payment system.
UPI which is run by the National Payments Corporation of India (NPCI), reported 10.56 billion transactions in September, a dip from the 10.58 billion transactions reported in August, the first time the instant payment mechanism crossed the 10 billion transaction mark
Source: economictimes.indiatimes.com
