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PhonePe Partners With LankaPay, Launches UPI In Sri Lanka: PhonePe has teamed up with LankaPay to introduce UPI payments in Sri Lanka, a move set to transform the digital payment landscape in the country. This collaboration empowers PhonePe users to seamlessly transact using UPI at LankaPay QR merchants, providing them with convenience and security while traveling. The partnership has received praise from key industry leaders, including PhonePe’s CEO Ritesh Pai, LankaPay CEO Channa de Silva, and Sri Lankan Central Bank Governor Nandalal Weerasinghe.
Key Highlights of the Collaboration
- UPI Payments in Sri Lanka
PhonePe users can now make payments using UPI at LankaPay QR merchants, eliminating the need for cash and currency conversions. This move simplifies transactions for both users and merchants, promoting a cashless economy.
- Enhanced Convenience for Indian Tourists
The collaboration aims to provide unparalleled convenience to Indian tourists by offering a familiar and secure payment method during their stay in Sri Lanka. With UPI payments, travelers can enjoy a seamless payment experience without worrying about carrying cash or dealing with currency exchanges.
- Support from Key Figures
Notable figures, including Santosh Jha, the High Commissioner of India to Sri Lanka, have emphasized the significance of digital partnerships between the two countries. They recognize the transformative potential of such initiatives in fostering economic growth and strengthening bilateral ties.
Panel Discussion on Digital Payments
A panel discussion titled ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses’ was held as part of the collaboration launch event. Key stakeholders from Sri Lanka’s banking, tourism, and business sectors deliberated on leveraging digital payment technologies to stay competitive in an evolving economic landscape. Participants included representatives from National Savings Bank, Hatton National Bank PLC, LOLC Finance PLC, and Dialog Finance PLC.
Unlocking New Opportunities
The collaboration between PhonePe and LankaPay can unlock new opportunities and enhance competitiveness in the Sri Lankan market. Central Bank of Sri Lanka Governor Nandalal Weerasinghe highlighted the benefits that this partnership brings to Sri Lankan merchants, paving the way for a more efficient and inclusive payment ecosystem.
Expanding Financial Services
With over 520 million registered users and a digital payments acceptance network of 38 million merchants, PhonePe has established itself as a leader in the digital payments space. The PhonePe Group has also expanded into financial services and consumer tech businesses, further contributing to its growth and innovation.
Panel Discussion Insights
During the panel discussion on ‘The Future of Digital Payments in Sri Lanka,’ industry leaders discussed strategies for businesses to leverage digital payment technologies effectively. Topics included tapping into a wider market, staying competitive, and embracing digital transformation to meet evolving consumer demands.
Conclusion
PhonePe’s partnership with LankaPay marks a significant milestone in the evolution of digital payments in Sri Lanka. By introducing UPI payments, the collaboration aims to revolutionize the payment landscape, providing convenience, security, and cost-effectiveness for users and merchants alike. With the support of key industry players and insightful discussions on digital payment strategies, the initiative is poised to drive economic growth and innovation in Sri Lanka’s digital ecosystem.
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