Sri Lanka and Mauritius Join Paris in Welcoming Indian Tourists with UPI Payments
Following the recent introduction of UPI payment options at Paris’ Eiffel Tower, Indian tourists in Sri Lanka and Mauritius are now also afforded the convenience of making digital payments through Unified Payments Interface (UPI) services. This initiative, launched in both Sri Lanka and Mauritius, aims to strengthen historic ties through modern digital technology, as highlighted by Prime Minister Narendra Modi.
During a virtual ceremony, India’s RuPay card services were inaugurated in Mauritius, attended by Prime Minister Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe. The collaboration between India’s NPCI International Payments Limited (NIPL) and Sri Lanka’s Central Bank-owned LankaPay makes UPI services available to facilitate seamless transactions for tourists.
Wasantha Alwis, Director (Payments and Settlements) of the Central Bank, explained that the UPI interface enables inter-bank and person-to-person transactions, as well as person-to-merchant transactions, using mobile phones. The system allows fund transfers between bank accounts in India and includes a QR code feature for payments to merchants.
Emphasizing the significance of Indian tourists to Sri Lanka, Alwis noted that they represent the largest inbound market, with nearly 300,000 arrivals in 2023. The seamless digital payment mechanism eliminates concerns about conversion rates for Indian tourists, enhancing their overall convenience.
Businesses in Sri Lanka are encouraged to embrace this opportunity, with Conrad Dias, a senior official, highlighting the potential for small and medium-scale enterprises to gain new customers through this initiative. The scheme aims for rapid expansion, with an estimated 10,000 merchants expected to accommodate UPI payments for Indian nationals within weeks, projected to reach 65,000 by the end of March 2024. This collaborative effort showcases the commitment to fostering technological advancements in the realm of tourism and financial transactions between nations.
