Now, Sri Lanka, will accept payments made through India’s Unified Payments Interface (UPI) system. In addition to UPI’s approval, a number of agreements were also exchanged between India and Sri Lanka on Friday in the presence of Prime Minister Narendra Modi and President of Sri Lanka Ranil Wickremesinghe.
The UPI payment system has shown tremendous success in India for retail digital payments, and its use is expanding quickly around the globe. India had already collaborated on cutting-edge fintech and payment technologies with the UAE, Singapore, and France.
UPI is a mobile-based quick payment system in India that enables users to build their own Virtual Payment Address (VPAs) and make round-the-clock payments instantly.
Previous UPI agreement
In February 2023, India and Singapore signed a contract to integrate their respective payment systems. Users in both countries will now be able to conduct cross-border transactions thanks to this. People from both nations will be able to send money in real time by scanning QR codes or by typing in mobile numbers that are connected to the bank account.
Earlier this month, France also consented to adopt the UPI payment system. It will start at the famous and popular Eiffel Tower.
The Reserve Bank of India (RBI) and the Central Bank of the UAE also exchanged a Memorandum of Understanding (MoU) to link their respective payment and messaging systems. This would make it easier to integrate the UPI of India and the Instant Payments Platform (IPP) of the UAE.
According to ANI, the PM Modi-led government has been crucial in advancing the globalisation of India’s digital payment infrastructure, and India has become one of the nations with the fastest-growing ecosystems for fintech innovation.
The Indian government has placed a strong emphasis on ensuring that UPI’s advantages extend beyond India’s borders and are enjoyed by other nations as well. Additionally, the RBI has suggested allowing all foreign visitors to India to use UPI for their in-country merchant payments.
According to ANI sources, the service will be made available to travellers from G20 nations landing at “selected international airports.”
The announcement was made on February 8 by RBI governor Skaktikanta Das while he was considering the conclusions of the three-day monetary policy committee meeting.
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