Now, UPI-based transactions will be accepted in Sri Lanka

India has emerged as one of the most rapidly expanding fintech innovation ecosystems, and the PM Modi-led administration has played a key role in accelerating the internationalisation of India’s digital payment infrastructure.

India’s Unified Payments Interface (UPI) technology-based payment will not be accepted in Sri Lanka. In addition to several agreements, the acceptance was agreed between India and Sri Lanka in the presence of Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe on Friday.

Notably, the UPI has now become hugely popular among people for retail digital payments in India and simultaneously getting acceptance rapidly. Before Sri Lanka, France, UAE, and Singapore partnered with India for fintech and payment solutions.

UPI is the system that allows a person to make fast payments, which further facilitates round-the-clock payments instantly, using VPA created by the customer.

The Reserve Bank of India advocated allowing all international tourists visiting India to utilise UPI for their merchant payments while they are in the nation in light of the system’s popularity.

Agreement on energy resources

In addition to this, an agreement between both the countries for the construction of a multi-project petroleum pipeline has also been done. Sri Lankan President Ranil Wickremesinghe said, “PM Modi and I believe that the construction of a multi-project petroleum pipeline from the southern part of India to Sri Lanka will ensure an affordable and reliable supply of energy resources to Sri Lanka…I thank PM Modi and the Indian govt for the invaluable support you gave us during the time of crisis.”