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Why UPI integration with LankaPay matters for Sri Lanka

Indians travelling to Sri Lanka can now pay with UPI by scanning a LankaQR code thanks to the integration of UPI and Sri Lanka’s LankaPay.

Indians travelling to Sri Lanka can now pay with UPI by scanning a LankaQR code thanks to the integration of India’s UPI and Sri Lanka’s LankaPay.

“With this remarkable integration very soon all Indian tourists and business users would be able to scan and pay at 450K+ locations in Sri Lanka supporting LankaQR,” LankaPay CEO Channa de Silva shared on LinkedIn.

This integration was demonstrated on November 10 by using PhonePe to scan a LankaQR code and make a payment, Silva said.

Nikhil’s Take:

“This development should be seen in the larger context of countries opening up their markets to Indian tourists. For example, last month, Thailand made travel for Indian passports visa-free. Sri Lanka has done the same. So integrating UPI with something like LankaPay means that someone can easily make payments without a credit card or debit card or having to get local currency when travelling. If you can pay using UPI it just eases one point of friction for the traveler.

My thesis is that Indian travellers are going to be treated the way Chinese travellers have been over the years. For example, in the UK, you have places where Alipay or WeChat Pay is accepted because Chinese travellers are spenders and they travel the world now. So now the second largest market of travellers is becoming a significant force. The way you see Chinese payment options everywhere, you will start seeing UPI roll out in the same manner.

Post-COVID, countries across the world are aching for more travellers, especially those countries that are dependent on tourism. Based on conversations in Sri Lanka, I began to realize how desperately they need tourists coming in because of the collapse of their economy. So they want more people to come and spend more in the country for that reason.

There is also a possibility for UPI to increase acceptance of LankaPay. Because Indians can pay using UPI and because this is a tourism-dependent economy, merchants may end up accepting LankaPay via UPI more than they would from locals.” — Nikhil Pahwa, Founder and Editor, MediaNama

For more countries that accept (or will soon accept) UPI, check out our complete list here.

Watch this video to know more:

 


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