As per various sources 12th February means today will mark the launch of India’s Unified Payments Interface (UPI) in Sri Lanka and Mauritius.
UPI in Sri Lanka
The expansion of these two popular tourist hotspots mark an important milestone in fostering digital connectivity and facilitating faster, seamless transactions between nations .
This move reflects the growing adoption and acceptance of India’s digital payment infrastructure worldwide, reinforcing its position as a leader in the fintech space.
|Sri Lanka and Mauritius
|Launch Ceremony Attendees
|Prime Minister Narendra Modi, Mauritian PM Pravind Jugnauth, Sri Lanka President Ranil Wickremesinghe
|Service Provider in Sri Lanka
|Activation Requirement for Indian Citizens
|Activate UPI international on preferred UPI app
|QR code-based merchant payments
|1. Scan LankaPay QR code
2. Enter payable amount
3. Enter UPI PIN 4. Payment completion
|Instant real-time payments, simplified transactions, enhanced user convenience
|Seamless fund routing, multiple bank account integration, elimination of lengthy bank details requirement, user-friendly interface
|Strengthen digital connectivity, foster financial collaboration, promote India’s fintech leadership globally
The effort by Indian authorities to promote the use of its payment systems globally reflect a strategic push towards financial integration and collaboration.
The transactions of UPI are secured with multi-layered authentication, involving UPI PIN, fingerprint, or pattern locks. It ensures that your financial data remains protected.
How will UPI work in Sri Lanka?
India’s Unified Payment Interface services have been launched in Sri Lanka and Mauritius at a virtual ceremony on Monday, in the presence of Prime Minister Narendra Modi, Mauritian PM Pravind Jugnauth and Sri Lanka President Ranil Wickremesingle.
India’s UPI services in Sri Lanka will be given by Sri Lanka’s LankaPay. The procedure of working UPI in form of steps are given below
- Indian citizens visiting Sri Lanka are required to activate UPI international on their preferred UPI app for making QR code-based merchant payments in Sri Lanka.
- Scan the LankaPay QR code
- Enter the needed or payable amount
- Enter UPI PIN
- Finally payment is done successfully
What will be the benefits of UPI in Sri Lanka
The new UPI service, crafted through the National Payment Corporation of India, represents an instant real time payment system designed to facilitate inter-bank transactions by mobile phones.
The introduction of UPI settlement services will give transactions for Indian nationals travelling to Sri Lanka which is a highly good facility.
The UPI of Sri Lanka is a mobile based payment system in India that permits round the clock payment via virtual payment address.
It powers multiple bank accounts into a single mobile application, merging various banking features, seamless fund routing and merchant payments into a single hood.
The UPI eliminates the requirement and shares lengthy bank account details for each transaction. Without UPI ID users can make payment through simply entering a unique identifier, making the procedure quick and hassle free.
RuPay is a globally recognized card payment network originating from India with widespread acceptance at various points for sale, ATMs, and online platforms.
For Sri Lanka this UPI provides a user-friendly interface that simplifies the procedure of payment. With UPI customers easily make payments with their smartphones, eliminating the requirement to carry cash and physical bank branches.
This launch aligns with New Delhi’s expanding bilateral economic ties with Sri Lanka marking an important step towards strengthening digital connectivity and financial collaboration between these nations.
The Ministry of External affairs emphasised India’s Leadership in Fintech innovation and Digital Public Infrastructure, with the prime minister prioritising the sharing of experiences in development and innovation with partner countries.
A key emphasis of the Indian government has been on ensuring that the advantages of UPI are not limited only, but other countries benefit from it.
The Modi government has been successfully pushing for a worldwide acceptance of UPI. Indian visitors can utilize their UPI-enabled application to make a payment by scanning a QR code on the Eiffel Tower Website.
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