Breaking Barriers: UPI Payment Model Expands to Sri Lanka, Following France and Singapore
On Friday, Sri Lankan President Ranil Wickremesinghe and Indian Prime Minister Narendra Modi signed an agreement regarding Sri Lanka’s acceptance of the Unified Payments Interface (UPI).
An agreement regarding Sri Lanka’s acceptance of the Unified Payments Interface (UPI) was signed on Friday by Prime Minister Narendra Modi and President Ranil Wickremesinghe. During his two-day trip to India, Wickremesinghe reached an agreement.
During a joint speech with the president of Sri Lanka, PM Modi stated that “the agreement signed to launch UPI in Sri Lanka will increase fintech connectivity.”
On Thursday, President Ranil Wickremesinghe began a two-day trip to India. Since the island nation’s severe economic crisis last year, this is the first trip to India by a Sri Lankan leader.
When Sri Lanka was hit by the economic crisis last year, India provided lines of credit for food and fuel purchases totaling about USD 4 billion to the island nation.
After talking with the president of Sri Lanka on Friday in New Delhi, Prime Minister Modi announced that India and Sri Lanka would conduct feasibility studies on a petroleum line and a land bridge connecting the two nations.
He says this year is very important for how India and Sri Lanka get along. We (Sri Lanka and India) have decided to discuss ways to work together on the economy and technology. We have also decided to improve air travel between our two countries, the Prime Minister said.
India and France recently agreed to use UPI in the European country. During PM Modi’s two-day trip to Paris, action was taken.
PM Modi announced from the Eiffel Tower that UPI will soon allow Indian tourists to pay in rupees. He addressed the Indian community at La Seine Musicale on an island in the Seine.
An agreement for using India’s UPI has been made in France…The Eiffel Tower will serve as the starting point, and Indian tourists will now be able to pay there using UPI and Rupees, according to PM Modi.
Before France, India, and Singapore’s PayNow they signed a contract in 2023 allowing users in both nations to conduct cross-border transactions. UAE, Bhutan, and Nepal have already embraced the UPI system.