Sri Lanka launches UPI service with India’s support
The Unified Payment Interface (UPI) service was initiated in Sri Lanka today, with Indian Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe participating in the inauguration via video conferencing.
The introduction of UPI will enable individuals to transform their smartphones into virtual debit cards. This means that for transactions, there is no necessity to carry cash or physical cards. By using their smartphones as debit cards, users can effortlessly send and receive funds. The UPI facilitates the linking of multiple bank accounts to a single smartphone application, allowing for fund transfers without the need to divulge any bank account details.
The event also saw the presence of Mauritius Prime Minister Pravind Jugnauth, marking the launch of UPI services in both Sri Lanka and Mauritius. The Indian High Commission in Sri Lanka highlighted the occasion on Monday (12), emphasizing the collaboration via video link.
The Indian High Commission in Colombo commented, “India has taken the forefront in Fintech innovation and Digital Public Infrastructure. Prime Minister Modi has been keen on sharing India’s developmental insights and technological advancements with allied nations.”
This venture, backed by India’s proficiency and innovations in fintech, is set to transform the digital payment ecosystem in Sri Lanka by enhancing the ease and reach of financial transactions for its citizens.