Dialog’s ‘Genie Business’ leads Sri Lanka’s UPI debut

Dialog’s fintech solution, Genie Business, took centre stage at the inauguration launch of India’s Unified Payment Interface (UPI) in Sri Lanka. 
Conducting the first-ever UPI transaction in the country, Genie Business showcased its pioneering role in revolutionising digital payments. This historic event, in partnership with LankaPay, marks a significant step towards enhancing financial connectivity and efficiency between India and Sri Lanka.

India’s UPI is a real-time payment system that enables the Indian users to link multiple bank accounts and conduct seamless fund transfers and transactions using UPI-powered applications. Sri Lankan businesses, irrespective of size, can now tap into this opportunity to accept payments from UPI-powered applications, facilitating smoother transactions and boosting economic growth. This integration also holds the potential to enhance Indian tourism by providing more accessible payment options for travellers.

With increased accessibility to the Indian markets, businesses in Sri Lanka can explore new avenues for expansion and collaboration, leading to greater economic resilience and prosperity. Dialog’s Genie Business continues to spearhead innovative fintech solutions, driving digital transformation and facilitating greater financial inclusion in Sri Lanka.

LankaPay (Pvt.) Ltd Chairman Dr. Kenneth De Zilwa said, “Anticipating rapid growth, we plan to onboard approximately 10,000 merchants for UPI payments within three weeks, reaching 65,000 by March 2024. 
This global partnership with UPI and our business partners 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 two. 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.”

Commenting, 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 groundbreaking 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.” 
The UPI payments are now available at Dialog Experience Centres, including Bandaranaike International Airport and Dialog Iconic Experience Centre in Colombo 2, in addition to the aforementioned tourist hotspots.