Sri Lanka’s tourism industry will receive a major boost with the launch of India’s most popular digital payment method Unified Payment Interface (UPI) services in Sri Lanka today, enabling Indian tourists to make payments in Indian Rupees (INR).
Indian Prime Minister Narendra Modi , Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth are expected to witness the launch of UPI services in Sri Lanka and Mauritius in the afternoon via video conferencing.
The Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions.
It’s currently India’s most used digital payments method, cornering over 60 percent of the market. The proliferation of UPI has attracted global UPI collaboration, with India inking pacts with over 17 countries including…
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