India and Sri Lanka are working together on the fintech sector connectivity by linking India’s Unified Payments Interface (UPI) and Lanka Pay.
The plan to link UPI and Lanka Pay has been finalised for retail digital payments and its adoption will be increasing at a rapid pace, Finance Ministry sources said.
Adopting UPI as a payment mode means people in both countries will be able to transfer funds in real-time by scanning the QR code or simply by entering mobile numbers linked to the bank account.
This connectivity will allow Indians travelling to Sri Lanka to carry out financial transactions using the UPI system.
Travellers to India too, benefit from UPI-- taking into consideration the popularity of the system, the RBI proposed to allow travellers to India to use UPI for merchant payments while in the country.
Previously, Indian Prime Minister Narendra Modi and Sri Lanka President Ranil Wickremesinghe in India signed an agreement on UPI acceptance in Sri Lanka during Sri Lanka President Wickremesinghe's two-day visit to India.
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