PhonePe Launches UPI in Sri Lanka: How Indian UPI is Traveling the World?

Traveling to Sri Lanka? Great news! Forget exchanging cash or fumbling with currency conversions.

PhonePe users visiting Sri Lanka can now use their phones to pay for things! They just need to scan a special QR code called "LankaQR" at shops and restaurants that accept LankaPay. This will allow them to pay directly in Indian Rupees (INR) - no more scrambling for local currency or dealing with conversion rates. 

PhonePe in Sri Lanka

PhonePe's big news isn't just about Indian tourists using UPI in Sri Lanka! This partnership goes a step further. It's also helping Sri Lanka develop its own digital identity program, a key part of a modern digital economy. So, while Indian travelers ditch the cash, Sri Lanka gets a tech upgrade. 

Enhancing the Digital Landscape This initiative goes beyond convenience for tourists.Sri Lankan businesses are getting a boost too. They can now accept payments with lower fees than traditional cards. Plus, experts at the launch event say this tech can help them reach a whole new customer base and stay competitive in today's digital world.

India-Sri Lanka Digital Partnership  It's a big step towards a stronger digital connection between India and Sri Lanka. This partnership goes hand-in-hand with India's support for Sri Lanka's digital identity program. The two countries, making things smoother for businesses and people on both sides. So, while tourists enjoy cashless payments, India and Sri Lanka foster a stronger economic partnership between the two nations.

The money exchange system for this transaction uses UPI and LankaPay National Payment Bank. LankaPay has around 4 lakh shops, and PhonePe is now connected to all of them. Also, UPI, which is managed by NPCI, is now available in six countries, and PhonePe has started using it abroad just two months after it launched there. PhonePe says it has processed transactions worth 27,000 and the total amount of money exchanged is 40 million INR. They aim to increase this to 1 million transactions by March 2025.

PhonePe in Singapore

In the previous month, PhonePe entered a two-year agreement with the Singapore Tourism Board (STB) to facilitate UPI payments for Indian visitors in Singapore. During the announcement, the company stated that Indian travelers visiting the country would have the ability to utilize the PhonePe app at over 8,000 merchants across Singapore.

Indian UPI's Global Impact

Well! PhonePe is just one digital payments and financial services company that has come up with this initiative, let us tell you that the Indian UPI has already been making its way all across the world.

India's indigenous UPI solution is steadily conquering international shores, with countries worldwide adopting this digital marvel. This expansion has led to a surge in cross-border transactions, benefiting Indian travelers abroad who can now navigate payments with ease. Notably, countries like France, Bhutan, Nepal, Oman, UAE, Vietnam, Singapore, Cambodia, Hong Kong, Taiwan, the United Kingdom, and Europe have opened their arms to UPI payments.

Moreover, India's digital payment ecosystem has attracted global attention, with 13 countries, including Malaysia, Thailand, Philippines, South Korea, and Japan, expressing their intent to embrace UPI for their digital payment systems. Nepal has already taken the lead by adopting UPI as its payment platform, setting an example for the world.

This surge in transaction volumes reinforces UPI's global presence, showcasing the success of India's "Make-in-India" innovative payment solution. Travelers now enjoy the convenience of seamless UPI transactions wherever they go, contributing to the Digital India initiative.

If you want to know more how Indian UPI is disrupting digital payments all across the globe, just check out the video below: