Dialog FinanceDialog’s ‘genie Business’ hosts first UPI transaction in Sri Lanka

In a ground breaking and historic virtual launch, India’s Unified Payment Interface (UPI) made its official debut in Sri Lanka in partnership with LankaPay, where Dialog’s Fintech solution, genie business proudly conducted the inaugural UPI transaction in the presence of President Ranil Wickremesinghe, Prime Minister of India Narendra Modi, and Prime Minister of Mauritius Pravind Jugnauth.

India’s UPI is a real-time payment system that enables Indian users to link multiple bank accounts and conduct seamless fund transfers and transactions using UPI powered applications. Sri Lankan businesses big or small can now embrace the opportunity to accept payments from UPI powered applications. This integration not only ensures smooth transactions but will also enhance the growth of Indian Tourism. With increased accessibility to Indian markets, businesses in Sri Lanka can capitalise on new avenues for expansion and collaboration, fostering greater economic resilience and prosperity.

LankaPay Chairman Dr. Kenneth De Zilwa said: “At LankaPay, we’re thrilled to mark a significant milestone in our global journey through our collaboration with the NPCI International Payments Ltd. We’re pleased to see genie Business Fintech Solutions by Dialog Finance PLC taking the initiative to be amongst the first 12 acquirers in the country to accept UPI transactions. Anticipating rapid growth, we plan to on-board approximately 10,000 merchants for UPI payments within three weeks, reaching 65,000 by March 2024. This global partnership with UPI and our business partner’s genie Business, Fintech Solutions by Dialog Finance PLC not only benefits tourists, SMEs, MSMEs but also lays the foundation for the future enabling Sri Lanka and LankaPay to expand into trade and investment banking products in phase 2. Thereby, contributing to the revenue growth of the multiple sectors, and industries, creating new business models, and in doing so fostering deeper economic ties between Sri Lanka and India.” Dialog Finance PLC Chairperson Renuka Fernando said: “We are honoured to conduct the first transaction in Sri Lanka at the inauguration launch of UPI. This ground-breaking initiative will not only enable a wider range of businesses to participate in the digital financial system but brings us closer to our mission at Dialog Fintech to bring financial inclusivity and access to finance for the MSME sector.”

“At genie Business, we go beyond enabling seamless digital transactions, but also provide crucial tools such as working capital loans and multi-currency options to all businesses. We are not just a payment solution, but a growth partner, supporting to elevate Sri Lankan businesses to stay ahead of an ever-evolving market. Further, we thank all our business partners, including Taj Samudra Colombo, Ministry of Crab, The Bayleaf, Shoulders by Harpos, Harpos Pizza outlets, King of the Mambo by Galle Face Hotel and The Station Restaurant who readily supported this initiative at their hotspots to enable Indian customers to pay using UPI,” Fernando added.

UPI payments are now available at Dialog Experience Centres, including Bandaranaike International Airport and Dialog Iconic Experience Centre in Colombo 02 in addition to the aforementioned tourist hot spots.

Genie Business, powered by Dialog Axiata and Dialog Finance PLC, is more than just a payment solution; it’s a trusted partner in growth and success. This all-encompassing platform provides not only the convenience of contactless QR payments from Lanka QR and international networks, Tap and Pay Card acceptance, Payment Links, Multi Currency internet payments, and online transactions, but also empowers businesses with essential tools like e-shops, working capital loans and banking services.

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