PhonePe, the leading provider of UPI payments in India, has teamed up with LankaPay, the country's primary payment network, to enable cross-border payments. The collaboration enables Indian travelers to Sri Lanka to easily make purchases at several merchant locations with LankaQR codes by utilizing the Unified purchases Interface (UPI). By accepting payments in Indian Rupees (INR) straight away, the change will streamline transactions and eliminate the inconvenience of currency exchange.
Travelers, whether on business or vacation, must scan the LankaQR code that is displayed at merchant sites. The user's bank account will automatically be debited with the payment amount in Indian Rupees (INR), and the merchant will receive payment in Sri Lankan Rupees (LKR).
According to PhonePe, the transactions will be made easier by LankaPay National Payment Network and the Unified Payments Interface (UPI).
It's important to note that PhonePe and LankaPay's collaboration is set to improve ease for Indian travelers, a substantial portion of Sri Lanka's tourism industry. The region's general trend toward digital financial integration includes Sri Lanka's implementation of UPI.
With UPI now available in nations like Mauritius, the United Arab Emirates, Singapore, Bhutan, Nepal, and now Sri Lanka, the National Payments Corporation of India (NPCI) is aggressively pushing the service's global development.
