Prime Minister Narendra Modi and Sri Lanka President Ranil Wickremesinghe have signed an agreement to bring Unified Payments Interface (UPI) to Sri Lanka. "The agreement signed to launch UPI in Sri Lanka, will increase fintech connectivity," PM Modi said
Earlier PM Modi launched the UPI service in France as he stood atop the Eiffel Tower and said that Indian tourists will soon be able to make rupee payments using UPI
PM Modi has been keen on expanding the UPI technology, which has been behind India’s digital payments revolution, to ensure seamless international digital transactions
Countries which have adopted the UPI technology so far are France, UAE, Bhutan, Singapore, Nepal, Oman, Malaysia, Thailand, UK and Japan. Now Sri Lanka has been added to this list
Further, UPI QR-based payments are accepted in 10 markets across North Asia and Southeast Asia, including Malaysia, Thailand, Philippines, Vietnam, Singapore, Cambodia, Hong Kong, Taiwan and South Korea
UPI can also be used by NRI mobile numbers having country codes of Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates, and the United Kingdom. The phone number must be linked to NRE or NRO bank accounts
- Link the mobile number with an NRO or NRE (non-resident ordinary or non-resident external) account
- Get KYC done in accordance with FEMA laws
- Download one of the UPI apps such as Paytm, BHIM app or Phonepe.
- Scan the Quick Response Code such as Singapore Quick Response Code with the country-specific UPI app
- Enter the amount in that country’s currency
- UPI app will automatically convert it into INR depending on the current exchange rate
- Click on the 'pay' option, enter the UPI PIN, and the payment will be completed.
PhonePe was the first UPI app to launch its services outside India. Apart from this PayTm, BHIM app and some other UPI apps are available abroad