The tie-up enables over 320,000 local LankaQR merchants to accept payments via UnionPay APP
UnionPay International (UPI) recently announced that it has signed a cooperation agreement with Sri Lanka’s national payment network LankaPay. Accordingly, member banks and finance companies of LankaPay who provide the unified LankaQR payment service in the country will be able to accept payments via UnionPay APP at LankaQR Merchants island wide. It’s the first time that LankaPay is directly working with a card scheme on QR payments. This partnership will enable UnionPay cardholders visiting the country to scan and pay at over 320,000 LankaQR merchants across the island using the UnionPay APP. Major commercial bank APPs supporting UnionPay QR code in China can enjoy this service too as a result of this partnership. There will be more e-wallets to enable this service in future.
LankaPay as Sri Lanka’s National Payment Network serves a large number of small and medium-sized merchants in Sri Lanka. With the LankaPay partnership, UnionPay will further enhance its cross-border business travel payment service capabilities by helping local LankaQR merchants to provide international visitors with convenient QR payment experience.
Mr. Cai Jianbo, President of China UnionPay and Chairman of UnionPay International, says that this collaboration on QR network interoperability is a joint effort by UPI and LankaPay to better facilitate people-to-people exchanges between China and Sri Lanka. This innovative cooperation model enables LankaPay to open its QR code acceptance network to UnionPay swiftly on a large scale, which strengthens the capabilities of the local payment network to service international consumers. Going forward, both parties will enable the use of Sri Lankan e-wallets on the global QR code network including in China. Building on this collaboration, UnionPay, with its strengths in the network, technology and resources, will continue to deepen its ties with players in the payment sector of Sri Lanka.
Speaking of this partnership, Dr. Kenneth De Zilwa, Chairman of LankaPay, said, “I am delighted to see that LankaPay and UPI have forged a mutually beneficial partnership in the new economy of digital payments and solutions. With this, Chinese tourists and traders will have access to LankaQR network across the country, which includes small businesses and key merchants, by using their UnionPay App or other certain APP to scan. The integration will also facilitate local small businesses to be part of the global trade and commerce universe as it eliminates the requirement for customers to carry cash. In addition, it brings about a safe, secure, reliable and cost-effective payment infrastructure to your fingertips. Therefore, I feel that this partnership will immensely benefit both countries and open up significant opportunities”.
Over recent years, UnionPay has become a widely recognized payment brand among industry players, merchants and consumers in Sri Lanka for its capabilities in widening its acceptance network and enhancing local services. Today, over 80% of Sri Lanka’s merchants are able to process payments via UnionPay cards. In addition to continuously optimizing the user-friendly environment, with a better payment network and product experience, the company is also attracting more Sri Lankans to apply for and use their UnionPay cards.
Today, 181 countries and regions worldwide are connected to UnionPay’s acceptance network, with over half of which support UnionPay mobile payment service. Additionally, UnionPay cards have been issued in 79 countries and regions. More than 170 UnionPay-powered e-wallets, including the UnionPay APP are now available in 30 countries and regions outside the Chinese mainland.
LankaPay – Sri Lanka’s National Payment Network is one of South Asia’s most progressive payment networks being the first to introduce many payment technology innovations in the region. Under the guidance of the Central Bank of Sri Lanka, LankaPay launched LankaQR in 2020. LankaQR currently has 19 local banks and finance companies connected as merchant acquirers whilst 28 local apps facilitating QR payments using LankaQR.