https://sputniknews.in/20240518/india-sri-lankan-de-dollarisation-drive-to-secure-11-billion-in-earnings-for-colombo-7398419.html
India, Sri Lankan De-Dollarisation Drive to Secure $1.1 Billion in Earnings For Colombo
India, Sri Lankan De-Dollarisation Drive to Secure $1.1 Billion in Earnings For Colombo
Sputnik India
De-dollarization got another shot in the arm as the partnership between one of India's most popular payment providers and a Lankan firm would secure $1.1 billion in earnings for Sri Lanka, estimates published by the island nation's tourism body suggested.
2024-05-18T16:59+0530
2024-05-18T16:59+0530
2024-05-18T16:59+0530
business & economy
india
sri lanka
new delhi
dedollarisation
delhi
tourism
south asia
unified payments interface (upi)
https://cdn1.img.sputniknews.in/img/07e7/05/12/2022438_0:0:1200:675_1920x0_80_0_0_11031177f3e47530cb0df5292ec6220b.jpg
De-dollarization is becoming more and more prelevant as the partnership between one of India's most popular payment providers and a Lankan firm would secure $1.1 billion in earnings for Sri Lanka, estimates published by the island nation's tourism body suggested.Earlier this week, India's PhonePe and Sri Lanka's LankaPay announced their collaboration.With the move, the Unified Payments Interface (UPI), India's homegrown payments network, can be operated in Sri Lanka, allowing Indian visitors to make payments in INR.The development comes days ahead of school summer vacations in India, which is expected to give a major boost to Sri Lanka's tourism-dependent economy as Indian visitors will no longer have to worry about the conversion of currencies while making payments there.It is worth noting that 600,000 Indian travelers are expected to visit Sri Lanka in 2024.
https://sputniknews.in/20240502/india-partners-with-bank-of-namibia-to-develop-upi-like-payment-system-in-africa-7273978.html
india
sri lanka
new delhi
delhi
south asia
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2024
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
News
en_IN
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
sri lanka upi payments, phonepe sri lanka, lankapay phonepe agreement, lankapay phonepe collaboration, indian tourists in sri lanka, sri lanka tourism, sri lanka tourism sector, sri lanka indian tourists, sri lanka upi,
sri lanka upi payments, phonepe sri lanka, lankapay phonepe agreement, lankapay phonepe collaboration, indian tourists in sri lanka, sri lanka tourism, sri lanka tourism sector, sri lanka indian tourists, sri lanka upi,
India, Sri Lankan De-Dollarisation Drive to Secure $1.1 Billion in Earnings For Colombo
India is one of Sri Lanka's most reliable partners, even helping the tiny island nation in the aftermath of its sovereign default in 2022. The two neighbors have now joined hands to allow tourists to make payments in national currencies.
De-dollarization is becoming more and more prelevant as the partnership between one of India's most popular payment providers and a Lankan firm would secure $1.1 billion in earnings for Sri Lanka, estimates published by the island nation's tourism body suggested.
Earlier this week, India's
PhonePe and Sri Lanka's
LankaPay announced their collaboration.
"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," Ritesh Pai, the CEO of PhonePe International Payments said in a statement.
With the move, the Unified Payments Interface (UPI), India's homegrown payments network, can be operated in Sri Lanka, allowing Indian visitors to make payments in INR.
The development comes days ahead of school summer vacations in India, which is expected to give a
major boost to Sri Lanka's tourism-dependent economy as Indian visitors
will no longer have to worry about the conversion of currencies while making payments there.
It is worth noting that 600,000 Indian travelers are expected to visit Sri Lanka in 2024.
