New Delhi: India’s Unified Payment Interface(UPI) method is now accepted in the neighbouring island country, Sri Lanka. This agreement happened on Friday when Sri Lankan President Ranil Wickremesinghe made a two-day visit to India.
“The agreement signed to launch UPI in Sri Lanka will enhance fintech connectivity,” PM Modi said during a joint address with Sri Lankan President Ranil Wickremesinghe.
Besides this agreement, India and Sri Lanka also agreed to conduct feasibility studies on petroleum lines and land bridge connectivity between India and Sri Lanka.
Last year, Sri Lanka faced a financial crisis and struggled to fund important imports such as fuel and medicine. During this difficult crisis period, India played a major role in providing support to this island country. India extended monetary assistance worth around USD 4 billion for that economic crisis.
“Sri Lanka also has an important place in both India’s Neighbourhood First Policy’ and “SAGAR” vision. Today, we share our views on bilateral, regional, and international issues. We believe that security interests and development of India and Sri Lanka are intertwined”, Indian Prime Minister, Narendra Modi said.
Prime Minister Narendra Modi also said, “We have decided to start tasks on economic and technological cooperation. We have also agreed to increase air connectivity between the two countries.”
Earlier, PM Narendra Modi also signed an agreement with France for launching Unified Payment Interface (UPI) Technology for Indians during his visit to France. Now Indian tourists would be able to make payments through the UPI method.
Before this, India had signed an agreement with Singapore’s Pay Now in 2023 to allow users in both countries to make cross-border transactions. Already Bhutan, UAE, and Nepal have adopted this UPI method.
The UPI Technology of India has gained immense popularity for digital payment mode. India is also now planning to make an agreement with Indonesia to extend this Unified Payment Interface System.
