After France and Singapore, India's UPI payment model reaches Sri Lanka
UPI) technology will now be accepted in neighbouring Sri Lanka. Apart from UPI's acceptance, several agreements were also exchanged between India and Sri Lanka in the presence of Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe in the national capital on Friday. In India, the UPI payments system has become 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. Indian and Singapore signed an agreement to link their respective payment systems in February 2023. With this, the users in either country will now be able to make cross-border transactions.
People in both countries will be able to 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. It will begin from the iconic and tourist hotspot Eiffel Tower.
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