March 20, 2024

LankaPay Partners with UnionPay Revolutionizing Cross-Border ATM Acceptance in Sri Lanka

LankaPay - the national payment network of Sri Lanka recently announced their partnership with UnionPay International (UPI), the leading international payment network in the world, enabling cross border ATM connectivity. This collaboration marks a significant milestone in LankaPay’s global journey towards fostering cross border payments with a view to provide greater convenience to tourists who visit Sri Lanka.

With the rebound of tourism and international trade in Sri Lanka, seamless cross-border financial transactions have become a pressing need. Recognizing this demand, UnionPay International and LankaPay have joined forces to establish a comprehensive network that enables UnionPay cardholders to access ATMs across Sri Lanka, providing unparalleled convenience and accessibility.

Through this partnership, UnionPay cardholders visiting Sri Lanka can now enjoy hassle-free access to cash withdrawals at almost any ATM across Sri Lanka, that means UnionPay is about to have over 99% ATM coverage in Sri Lanka, eliminating the need for currency exchange and enhancing their overall travel experience. Moreover, this initiative contributes to the country's goal of becoming a preferred destination for tourists and investors by offering world-class payment infrastructure and services.

Leveraging its cutting-edge technology and extensive network, UnionPay International ensures the security and reliability of transactions, safeguarding the interests of cardholders and merchants alike. This commitment to excellence aligns seamlessly with LankaPay's mission to promote the adoption of digital payments and drive financial inclusion across Sri Lanka.

Commenting on the partnership, Mr. Hu Binghan, Head of UnionPay International South Asia said, "UnionPay is committed to enhancing payment products and services for our cardholders across the world. LankaPay is one of our most important partners in the area. The cooperation this time is one of our joint efforts to better serve our customers, marking another milestone in our deepening cooperation. It is expected to further encourage tourists, especially Chinese tourists to visit Sri Lanka. Chinese tourists have been a key driver of tourism growth in Sri Lanka in recent years, and the new service is likely to accelerate this trend."

Mr. Channa de Silva, CEO of LankaPay (Pvt) Ltd, the operator of LankaPay, expressed his enthusiasm on this partnership, stating, "Our partnership with UnionPay International signifies a significant milestone in our global journey towards fostering cross boarder connectivity for financial transactions, enhancing customer convenience and accessibility to payment services in Sri Lanka. This partnership underscores our commitment to providing innovative payment solutions and driving financial inclusion. Together with UnionPay, we aim to empower consumers and businesses, spurring economic growth in Sri Lanka. By integrating UnionPay's extensive network with LankaPay's robust national infrastructure, we are poised to redefine cross-border payment experiences and propel Sri Lanka towards a digitally enabled economy."

As UnionPay International and LankaPay continue to collaborate closely, they remain committed to driving innovation and advancing the digital payment landscape in Sri Lanka, ultimately enriching the lives of consumers and fostering economic growth nationwide.

About UnionPay

UnionPay International is a subsidiary of China UnionPay. In partnership with more than 2,600 institutions worldwide, UnionPay International has enabled card acceptance in 181 countries and regions with issuance in 81 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.