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FITIS hails launch of UPI payments in SL

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The Federation of Information Technology Industry Sri Lanka (FITIS) expressed its strong support for LankaPay’s launch of the Unified Payments Interface (UPI) acceptance in the island, an initiative taken in partnership with the National Payment Corporation of India’s international arm-NIPL.

Indika De Zoysa, Chairman of FITIS hailed LankaPay’s integration with NIPL to enable UPI payments at LankaQR merchants as a significant step forward in fostering the nation’s small medium and micro business sectors’ digital transformation.

“This move clearly aligns with the objectives of the initiative of FITIS, aimed at revolutionising Sri Lanka’s business landscape by equipping over one million SMEs with vital digital capabilities, tools and resources, thereby positioning them competitively in the digital era. It will likely fuel tourism and trade and strengthen economic ties between the two nations. The NIPL and LankaPay integration will greatly contribute to the growth of Sri Lanka’s digital economy and we believe it will significantly contribute towards our goal of reaching a $15 billion digital economy contribution by 2030.”

Vice President, FITIS and CEO of LankaPay, Channa de Silva revealed that the integration with UPI is only the initial stage in enabling seamless cross-border transactions with India “Via this integration with UPI, we are enabling inward QR payments utilising the existing national infrastructure, allowing Indian visitors and business travellers to scan and pay at LankaQR merchants. We plan to roll out outward QR payments with India and RuPay card acceptance within Sri Lanka in the future.”

The UPI, a product of India’s payment innovation, operated through mobile applications. Its amalgamation with LankaPay’s national payment network extends many conveniences to Indian tourists and business travellers in Sri Lanka, empowering them to conduct seamless and cost-effective transactions at nearly 400,000 LankaQR merchants nationwide, utilising their Indian bank accounts.

India’s Prime Minister Narendra Modi in October last year at the inauguration of ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka said, “This will not only boost bilateral trade and tourism but also contribute to strengthening our economic ties.”

The new payment system was launched on Tuesday in the presence of Indian Prime Minister Narendra Modi, President Ranil Wickremesinghe, and Mauritius Prime Minister Pravind Jugnauth with Indians making payments in Colombo and Port Louis.

Eliminating currency exchange hassles and offering familiar payment methods like UPI can act as a powerful incentive to attract more Indian tourists who are currently number one in arrivals and encourage them for longer stays and higher spending.

The micro and small businesses associated with the tourism industry, be it souvenir shops and restaurants or transportation services and homestays, will benefit from this integration by being able to tap into a broader customer base, boost sales, and ultimately contribute to local economic growth.

The integration of UPI with LankaQR marks a significant step towards a more interconnected, financially inclusive and digital Sri Lanka, ready to embrace the opportunities of the global digital economy and unlock numerous benefits for both consumers and businesses. Beyond convenience and cost savings through familiar UPI-enabled apps for Indian visitors and competitive rates for merchants, the UPI integration promises broader benefits.

The post FITIS hails launch of UPI payments in SL appeared first on DailyNews.

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