NPCI International Payments Limited, the global division of the National Payments Corporation of India (NPCI), announced efforts to enhance the acceptance of Unified Payments Interface (UPI) in Sri Lanka. This move aims to provide Indian tourists with seamless payment options and bolster the digital economy of the island nation. With a vast network of over 700 million QR touchpoints in India, the UPI system can now integrate with Sri Lanka’s LankaPay-powered LankaQR infrastructure.
Sri Lanka considers India its primary tourism source, with a notable increase in Indian tourist visits over the years. The surge in tourism has led to a growing demand for efficient payment solutions for Indian travelers engaging in various activities on the island. Through a collaboration between NPCI International and LankaPay, Indian tourists can now make digital payments across Sri Lanka by scanning LankaQR codes using UPI-enabled applications, reducing the reliance on cash during their visits.
To expand the reach of UPI acceptance, NPCI International has been collaborating with key stakeholders in Sri Lanka, including the Central Bank, acquiring banks, and merchants, aligning with the country’s domestic payment ecosystem. This initiative is expected to benefit both tourists and local businesses. Travelers will enjoy real-time payments, transparent exchange rates, and a familiar payment interface, while Sri Lankan merchants can tap into a broader digital customer base, enhance cash management, and decrease dependence on physical currency.
Ritesh Shukla, the Managing Director and CEO of NPCI International, emphasized the company’s commitment to establishing interoperable payment channels to facilitate cross-border transactions and fortify economic relations. With the Unified Payments Interface (UPI) recognized by the International Monetary Fund (IMF) as the world’s largest real-time payment system, accounting for almost half of global instant payments, the collaboration is anticipated to enhance trade and economic interactions between India and Sri Lanka.
