After signing a deal to allow India’s Unified Payment System (UPI) to be used in Sri Lanka, the country is now considering the possibility of accepting the Indian Rupee for local transactions. Sri Lanka Foreign Minister Ali Sabry announced on Saturday that they are exploring the idea of using the Indian Rupee alongside the dollar, euro, and yen. This move would eliminate the need for multiple currency conversions for Indian tourists and businessmen. The decision to designate INR as the currency for trade settlements between India and Sri Lanka is expected to strengthen commercial linkages between the two countries. Additionally, the two nations have agreed to implement UPI-based digital payments to enhance trade and transactions. Sri Lanka becomes the fourth country, after France, UAE, and Singapore, to collaborate with India on fintech and payment solutions. The Unified Payments Interface (UPI) is India’s mobile-based fast payment system that allows customers to make instant payments using a Virtual Payment Address. In regards to the MoU signed with India on the development of Trincomalee as a regional hub, Sri Lanka’s Foreign Minister mentioned that there were no objections from China as they are a non-aligned state. The importance of port connectivity between Sri Lanka and India was emphasized and both leaders discussed ways to promote mutual investment and collaboration between the private sectors of the two countries. The possibility of Sri Lanka benefiting from the economic development in South India was also considered, and the leaders agreed on the need for port connectivity between Colombo and Trincomalee. Lastly, discussions took place regarding the involvement of an Indian university in Sri Lanka’s digitalization efforts.
Details Revealed: Sri Lanka Considers Adopting Indian Rupee for Domestic Transactions Following UPI Implementation
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