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On Friday, the Prime Minister of India, Narendra Modi, and the President of Sri Lanka, Ranil Wickremesinghe, signed an agreement for the adoption of the Unified Payments Interface (UPI) in Sri Lanka. During Wickremesinghe’s two-day trip to India, the agreement was reached.
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The deal that was signed to establish UPI in Sri Lanka will increase fintech connectivity,” Prime Minister Modi said in a simultaneous address with President Rajapaksa.
Thursday was the first day of Ranil Wickremesinghe’s two-day trip to India. It is the first time a Sri Lankan leader has been to India since the island nation’s economy hit a rough patch last year.
When Sri Lanka’s economy was in trouble last year, India gave it around $4 billion in help, which involves lines of credit that could be used to buy food and fuel.
India and Sri Lanka will do feasibility studies on a petroleum pipeline and a land bridge to join the two countries, Prime Minister Modi said Friday in New Delhi after meeting with Sri Lanka’s president.
He said that this year is a big one for India and Sri Lanka’s relationship. We (India and Sri Lanka) have chosen to start talking about ways to work together in business and technology. We also agreed to make it easier for people to fly from one country to the other, the Prime Minister said.
India and France just decided a few days ago to use the UPI in France. During his two-day trip to Paris, PM Modi made the decision.
PM Modi said that soon, Indian tourists will be able to use UPI to pay in Rupee. He said this from the top of the Eiffel Tower. He was talking to the Indians at La Seine Musicale, an arts centre on an island in the River Seine.
PM Modi said, In France, a deal has been made so that India’s UPI can be used. It will begin at the Eiffel Tower, and Indian guests will be able to use UPI to pay in Rupees at the Eiffel Tower.
Before France, India made a deal with PayNow in Singapore in 2023 to let people in both countries make transactions across borders. The UPI method has already been used in UAE, Bhutan, and Nepal.
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