PM Modi announces India and Sri Lanka jointly working to link UPI and Lanka Pay
Both the governments of India and Sri Lanka are working jointly on fintech sector connectivity by linking Unified Payments Interface (UPI) and Lanka Pay, said Prime Minister Narendra Modi.
While addressing the event launching ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka, via a video message, PM Modi announced this plan.
Earlier, PM Modi and Sri Lanka President Ranil Wickremesinghe inked an agreement in India on Unified Payments Interface (UPI) acceptance in Sri Lanka during Sri Lanka President Ranil Wickremesinghe's two-day visit in the country.
In 2022, National Payments Corporation of India (NPCI), the umbrella organisation that offers UPI services, signed an MoU with France's fast and secure online payment system, called Lyra. In 2023, UPI and Singapore's PayNow signed an agreement, allowing users in either country to make cross-border transactions.
Countries like the UAE, Bhutan, and Nepal have already adopted the UPI payment system.
UPI, which is run by the National Payments Corporation of India (NPCI), reported 10.56 billion transactions in September, a dip from the 10.58 billion transactions reported in August, the first time the instant payment mechanism crossed the 10 billion transaction mark.
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