Digital transactions to help Indians in SL
NPCI International Payments Ltd is enhancing the acceptance of the Unified Payments Interface (UPI) in Sri Lanka to enable digital payments for Indian tourists and propel the local digital economy.
UPI is a real-time payments platform which facilitates instant interbank transactions for fund transfers and merchant payments. With over 700 million QR touchpoints in India, UPI can integrate with Sri Lanka’s LankaQR payment system. In 2024, over 416,000 Indian tourists visited Sri Lanka, rising to 531,000 in 2025, highlighting the demand for convenient payment solutions. Collaboration with LankaPay allows Indian tourists to make digital payments by scanning LankaQR codes, thus reducing cash dependency. “Our partnership with LankaPay will drive small and medium enterprise growth in Sri Lanka,” Ritesh Shukla, Managing Director, CEO, NPCI International, told the media on Tuesday in Colombo. He added that small businesses in food and beverage, retail shopping, transport, and entertainment will be targeted.
The initiative, backed by the Central Bank and local banks, benefits both tourists and Sri Lankan merchants by providing real-time payments and improving cash management, he added. He explained that cash printed in the country will account for at least 2 per cent of its GDP, and displacing cash will formalise the economy, which translates to better tax collection etc.
NPCI’s focus on creating interoperable payment corridors is set to strengthen economic ties and enhance the travel experience, with UPI recognised as a leading global real-time payment system. He noted that for their overseas travel, Indians spent US$ 33 billion in 2023.
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