India and Sri Lanka have strengthened their economic ties and bilateral relations with the acceptance of India’s Unified Payments Interface (UPI) technology in Sri Lanka.
This move will allow Sri Lankan citizens to use UPI-based payment systems for various transactions, promoting seamless and efficient cross-border payments.
The momentous occasion took place in the national capital, where Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe were present. During the event, several other agreements were also exchanged between the two nations.
The acceptance of UPI technology in Sri Lanka is expected to promote financial inclusivity and create new opportunities for businesses and individuals in both the countries. The move signifies the strengthening of diplomatic ties and showcases the commitment of both nations to foster deeper collaboration in the future.
So far, India’s efforts to promote emerging fintech and payment solutions have been bolstered by strategic partnerships with countries such as France, the United Arab Emirates (UAE), and Singapore.
India and Singapore signed a groundbreaking agreement in February 2023 to link their respective payment systems. This collaboration allows users in both countries to conduct seamless cross-border transactions.
Earlier this month, France took a significant step towards embracing India’s Unified Payments Interface (UPI) payment mechanism. An agreement was reached between India and France to enable the use of UPI for transactions, starting from the iconic and popular tourist destination, the Eiffel Tower.
During a recent bilateral meeting, an essential Memorandum of Understanding (MoU) was exchanged between the Reserve Bank of India (RBI) and the Central Bank of the UAE. The MoU aims to interlink the payment and messaging systems of both countries, fostering seamless integration between India’s Unified Payments Interface (UPI) and the UAE’s Instant Payments Platform (IPP).
This collaboration signifies a significant stride in enhancing cross-border financial transactions between India and the UAE.
The government has been actively promoting the Unified Payments Interface (UPI) beyond its borders. The focus is not only on ensuring that UPI’s benefits are available to Indian users but also on extending these advantages to other countries.