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India’s Unified Payments Interface (UPI) technology has made its way to Sri Lanka, fostering stronger economic ties and promoting seamless cross-border payments. This move allows Sri Lankan citizens to utilize UPI-based payment systems for various transactions. Read more about the significance of this collaboration and its impact on both nations’ financial inclusivity and business opportunities.
In a significant development for India’s Unified Payments Interface (UPI) technology, Sri Lanka has now joined the list of countries accepting this mobile-based fast payment system. This milestone was achieved during an event in the national capital, where Indian Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe were present, further strengthening the bilateral relations between the two nations.
The acceptance of India’s UPI technology in Sri Lanka opens up new possibilities for financial inclusivity and convenience for both businesses and individuals in the two countries. It facilitates round-the-clock instant payments using Virtual Payment Addresses (VPAs), making cross-border transactions efficient and user-friendly.
Notably, this is not the first time India has partnered with foreign nations to promote its UPI technology. In recent times, France, the United Arab Emirates (UAE), and Singapore have also embraced UPI-based payment systems, signaling the growing global recognition of India’s digital payment infrastructure.
India’s focus on globalizing its digital payment infrastructure aligns with its vision to promote fintech innovation and support the growth of a cashless economy worldwide.