After France and UAE, UPI reaches Sri Lanka! PM Modi says move will increase 'fintech connectivity'

Prime Minister Narendra Modi and Sri Lanka President Ranil Wickremesinghe on Friday signed an agreement on the acceptance of Unified Payments Interface (UPI) in Sri Lanka. The agreement took place during Wickremesinghe's two-day visit to India.

"The agreement signed to launch UPI in Sri Lanka, will increase fintech connectivity," PM Modi said during a joint address with the Sri Lankan President.

President Ranil Wickremesinghe on Thursday kicked off a two-day visit to India. It is the first visit to India by a Sri Lankan leader since the island nation reeled under a severe economic crisis last year.

India extended financial assistance worth around USD 4 billion to Sri Lanka including lines of credit for purchases of food and fuel last year when it was hit by the economic crisis.

India and Sri Lanka will conduct feasibility studies on petroleum line, land bridge connectivity between the countries, PM Modi said on Friday, after holding talks with the Sri Lankan president in New Delhi.

This year is quite important for relations between India and Sri Lanka, he said. "We (India-Sri Lanka) have decided to begin talks on economic and technological cooperation. We have also agreed to increase air connectivity between two countries," the Prime Minister said.

Just a few days back, India and France agreed to use UPI in the European nation. The move came during PM Modi’s two-day visit to Paris.

PM Modi, from atop the Eiffel Tower, said that Indian tourists will soon be able to make Rupee payments using UPI. He was addressing the Indian community at the La Seine Musicale, a performing arts centre on an island in River Seine.

"In France, an agreement has been made for the use of India's UPI...It will be started from the Eiffel Tower, and now Indian tourists would be able to make payments in Rupees, through UPI, in the Eiffel Tower," PM Modi said.

Prior to France, India had signed an agreement with Singapore’s PayNow in 2023 to allow users in both the countries to make cross-border transactions. Meanwhile, UAE, Bhutan, and Nepal already have adopted the UPI system.  

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