After France UAE Singapore, now India’s UPI payment model reaches Sri Lanka

After France UAE Singapore, now India’s UPI payment model reaches Sri Lanka

After France UAE and Singapore, now India’s UPI payment model reaches Sri Lanka.

PM Modi and President of Sri Lanka Ranil Wickremesinghe amid their joint press statement after a meeting at Hyderabad House, in New Delhi, Friday, July 21, 2023 announced the acceptance of India’s UPI payment model in Sri Lanka.
after several agreements were exchanged amidst the two countries. UPI has already partnered with France, UAE, and Singapore for cross-border transactions.

Notably, in India, the UPI payments system has emerged as hugely popular for retail digital payments and its adoption is rapidly increasing across the world. So far, France, UAE, and Singapore had partnered with India on emerging fintech and payment solutions.

UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.

Earlier India and Singapore signed an agreement to link their respective payment systems in February 2023. With this, the users in either country are able to make cross-border transactions. People in both countries can send money in real-time via QR-code based or simply by entering mobile numbers linked to the bank account.

In addition, France had also agreed to use the UPI payment mechanism earlier this month.

An MoU was also exchanged to interlink the payment and messaging systems between the Reserve Bank of India (RBI) and the Central Bank of the UAE which will facilitate the integration UPI of India and the Instant Payments Platform (IPP) of the UAE.

India has emerged as one of the fastest-growing ecosystems for fintech innovation and the PM Modi-led government has been instrumental in driving the globalisation of India’s digital payment infrastructure.

Reportedly, the Indian government has been keenly emphasizing ensuring that the benefits of UPI are not limited to India only, but other countries, too, benefit from it. RBI has also proposed to permit all inbound travellers to India to use UPI for their merchant payments while they are in the country.

News Edit K.V.Raman