A pilot initiative introducing the digital payment facility, UPI One World, for Sri Lankan Buddhist pilgrims visiting India was launched on Monday (17).

The initiative was launched by the SriLankan High Commission in India, in partnership with the National Payments Corporation of India (NPCI).

According to the High Commission of Sri Lanka in New Delhi, this pioneering digital payment facility enables Sri Lankan travellers to make secure, real-time payments across India without the requirement of an Indian mobile number, offering a modern, convenient alternative to carrying cash.

The launch event, held at the Sri Lankan High Commission in New Delhi, was attended by Ven. Beragama Vimala Buddhi Thera, Administrative Secretary, Buddhist Pilgrims’ Rest; Ravi Kant Sharma, In-charge, Central Government Relations, NPCI; and Vivek Garg, In-charge, UPI Growth, NPCI.

The facility will also benefit Sri Lankans travelling to India for medical treatment, providing greater financial flexibility and safety during their stay.

The Sri Lankan High Commission states that introducing UPI One World for Sri Lankan visitors represents a meaningful advancement in improving their travel experience and facilitating people-to-people connectivity. It also underscores the deepening cooperation between Sri Lanka and India in promoting digital innovation and ease of travel. (Newswire)

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On 26 September, the National Payments Corporation of India (NPCI) signed a strategic agreement with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to develop a real-time payments platform modelled after India’s Unified Payments Interface (UPI) to make seamless bank transactions through mobile devices.

This makes Trinidad and Tobago the first Caribbean nation to implement a system similar to UPI. The objective of this collaboration, as per documents, is to establish an efficient platform for person-to-person (P2P) and person-to-merchant (P2M) transactions, aimed at enhancing the digital payment landscape and promoting financial inclusion in the Caribbean country.

This partnership, while building on the existing ties between India and Trinidad and Tobago, will modernize Trinidad and Tobago’s financial ecosystem, increasing accessibility and connectivity with both domestic and international payment networks. The rollout of this new system is expected to take place by late 2026 or early 2027.

Working silently in the background, avoiding large-scale noise, promotion and self-praise, the NPCI is actively expanding UPI’s global influence through its international arm, NPCI International Payments Limited (NIPL).

As a part of this, it is focusing on infrastructure development and interoperability with Indian payment systems, helping other nations build their digital payment frameworks.

By broadening UPI’s footprint, which is also seen as a part of soft diplomacy, India is not only strengthening these ties but also gaining strategic advantages, enhancing its economic influence and securing new markets for its technology.

Earlier, the organisation had established partnerships with the Bank of Namibia and the Central Bank of Peru to assist them in developing their own real-time payment systems akin to UPI.

More significantly, UPI is currently operational in seven countries, allowing Indian travellers and Non-Resident Indians (NRIs) to use the platform for merchant payments.

These countries include Sri Lanka, Mauritius, France (at select merchants), the United Arab Emirates, Singapore, Bhutan, and Nepal. Additionally, the UPI-PayNow linkage has been implemented between India and Singapore, enabling P2P remittances between the two nations.

Official sources said that, with the success of UPI in India, with nearly 15 billion

 transactions recorded in August 2024, amounting to an estimated value of US$245 billion, it is looking at more international partnerships with foreign central banks and governments.

NIPL aims to share India’s technological advancements in digital payments while providing foreign entities with the expertise required to establish their own sovereign digital payment ecosystems. The recent agreement with Trinidad and Tobago is part of a broader strategy to enhance UPI’s footprint on the global stage. (Sunday Guardian)

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The National Payments Corporation of India (NPCI) has announced the rollout of the ‘UPI One World’ wallet for inbound travellers from across all nations visiting India.

This initiative aims to provide international visitors with a seamless, real-time digital payment experience through the Unified Payments Interface (UPI), enhancing their ability to explore India’s cultural wonders and vibrant landscapes with ease.

Enhancing Visitor Experience with UPI

Unified Payments Interface (UPI) is India’s popular mobile-based real-time payment system that enables instant personal and merchant payments. With the introduction of the UPI One World wallet, foreign visitors can now enjoy the convenience and security of India’s ‘made in India’ technology, eliminating the need to carry cash or deal with the complexities of foreign exchange transactions.

The UPI One World wallet was first introduced during the G20 summit hosted by India last year. It will now be available to travellers from many more countries, allowing them to experience the benefits of UPI payments.

Once issued, the wallet can be loaded either in cash or through other payment modes.

Simplified Payments for International Travelers

International travellers can use the UPI One World app to make payments at merchant locations by simply scanning the QR codes.

This enablement has been made possible by the joint efforts of NPCI, IDFC First Bank, and Transcorp International Limited, under the guidance of the Reserve Bank of India.

Speaking on this significant development, an NPCI spokesperson said, “We are thrilled to offer UPI experience to the international guests visiting India through UPI One World. This move aims to enhance the experience for visitors by equipping them with UPI, the most preferred payment choice among Indians.”

“International travellers can organise their financial needs using UPI One World. It allows for convenient loading and enables the transfer of any unused balance back to the original payment source.”

Showcasing India’s Digital Leadership

This initiative by NPCI showcases India’s leadership in the global digital payments landscape and provides an opportunity for the international community to engage with and benefit from India’s Digital Public Infrastructure (DPI) success story.

In June 2024, UPI processed close to 14 billion transactions valued at INR 20.07 trillion (~USD 240 billion). In 2023, UPI processed about 80% of all digital payment transactions in India and is one of the largest real-time payment systems in the world.

The introduction of the UPI One World wallet is set to revolutionise the way international visitors manage their finances while in India, making it easier and more convenient to explore the country’s rich culture and diverse experiences. This move not only enhances the visitor experience but also strengthens India’s position as a leader in the global digital payments ecosystem. (Australia Today)

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LankaPay – Sri Lanka’s National Payment Network announced its partnership with PhonePe – one of India’s most popular FinTech apps – towards accepting UPI payments at LankaQR merchant points at a grand event held at ITC Ratnadipa in Colombo on Wednesday (May 15). 

The event was graced by the High Commissioner of India to Sri Lanka, Santosh Jha as the Chief Guest, who highlighted the key role played by fintech connectivity in the overall connectivity between India and Sri Lanka.  

Addressing the gathering, the Guest of Honour – Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), acknowledged the collaboration’s capacity to unlock new opportunities and enhance competitiveness and the benefits that it would bring to Sri Lankan merchants.

Channa de Silva, CEO – LankaPay also made an insightful presentation at the event giving a snapshot of Sri Lanka’s digital payment landscape followed by an insightful panel discussion on ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses,’ which focused on the possibilities and growth avenues for local businesses. 

The session featured Shashi Kandambi, GM/CEO, National Savings Bank; Sanjay Wijemanne, COO, Hatton National Bank PLC; Conrad Dias, Chairman, LOLC Finance PLC; and Renuka Fernando, Chairperson, Dialog Finance PLC who discussed how businesses can leverage digital payment technologies and tap into a wider market to stay competitive in an evolving economic landscape. The session was moderated by Channa de Silva, CEO – LankaPay.

Following the panel discussion, Ritesh Pai, the CEO of International Payments at PhonePe, unveiled insights on leveraging UPI for global markets and the growth prospects it offers for merchants.

The event also saw the presence of several key stakeholders from the Sri Lankan financial landscape, including senior representatives from the Banking sectors, Payment System Providers, and representatives from the tourism sector and business associations. This alliance is facilitated through LankaPay’s partnership with NPCI International Payments Limited (NIPL).

During the event, PhonePe announced that its app users travelling to Sri Lanka can now make payments using UPI across LankaPayQR merchants nationwide. 

Users can simply scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. Their account will be debited in INR, showing the currency exchange rate. These transactions are facilitated by the Unified Payments Interface (UPI) and LankaPay National Payment Network.

Speaking on the occasion, High Commissioner of India to Sri Lanka, Santosh Jha shared that, “The UPI launch is an important part of a larger goal for both countries to collaborate through a digital partnership.” He mentioned that “India is also supporting Sri Lanka in the development of its Unique Digital Identity Program and other components of the Digital Stack that has immense transformative potential for Sri Lanka and the bilateral economic partnership.” 

Ritesh Pai, CEO, International Payments, PhonePe, added, “We are thrilled to announce our partnership with LankaPay. This collaboration offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while traveling and pay across LankaQR merchant points. PhonePe has always been at the forefront of driving innovation in payments. We are incredibly proud to be driving UPI adaptation across India, and our expansion to Sri Lanka is another exciting step forward.”

Channa de Silva, CEO, LankaPay, added, “LankaPay is delighted to collaborate with PhonePe to revolutionize the cross-border payments between Sri Lanka and India. This partnership is bound to provide greater convenience to Indian Tourists and Business Travelers in making seamless UPI payments at all LankaQR merchant points in Sri Lanka via PhonePe app. We are excited about the potential of this collaboration that would enhance payment experience to Indian tourists and business travellers during their stay in Sri Lanka and also provide the merchants with a cost-effective proposition to card payments. I envisage that innovation to be the cornerstone of this alliance and would lead to further strengthening of bilateral relations between the two countries.” (Newswire)

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NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal.

Following the unveiling event at Global Fintech Fest 2023 in India in September, both entities arenow fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPItransactions between the two countries. 

Merchants acquired by the participating members ofFonepay Network can seamlessly accept UPI payments from Indian customers. 

This digital connection serves to reinforce the deep-rooted people-to-people ties between theneighbouring nations – India and Nepal. 

The integration of payment systems by NIPL andFonepay marks a revolutionary shift in cross-border transactions between citizens of bothcountries, ushering in a new era of convenience and efficiency.

This milestone not only signifiesa successful partnership between two payment system operators but also symbolizes a new eraof digital connection and collaboration between the two friendly nations. 

Expressing his confidence in the transformative impact of this innovative service, Chief ExecutiveOfficer of Fonepay, Diwas Kumar said, “I am confident that this cross-border paymentsolution will significantly improve economic ties, commerce, and tourism between the two nations,eventually promoting economic prosperity and progress. The seamless cross-border paymentsolution aligns with our commitment to drive digital economy to the greatest height, and weanticipate a positive ripple effect on both local and regional economies.” (India Blooms)

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