Sri Lanka rolls out new digital payment solution LANKAQR
The Central Bank of Sri Lanka (CBSL) has announced the nationwide roll-out of its LANKAQR low-cost digital payment solution. This has the dual aim of reducing reliance on cash and improving financial inclusion.
The CBSL says the scheme will broaden financial inclusion
LANKAQR enables customers to make payments directly from their bank accounts to merchants and service provider accounts using payment apps of LANKAQR-certified financial institutions. It is particularly aimed at small and medium-sized enterprises.
The system uses a national QR code standard. By scanning the LANKAQR code, customers are able to make payments.
Customers are not charged for using LANKAQR-based payments. Merchants are provided with the LANKAQR printed sticker and pay a fee to the bank that issues the LANKAQR code.
At the official launch event, the governor of CBSL, Ajith Nivard Cabraal, says that it is imperative to make digital payments fast, effective, easy and secure to gain public uptake.
He added that Sri Lanka must continue to embrace digitalisation in all spheres and that the LANKAQR initiative is a step in this direction.
During the event, CBSL facilitated the onboarding of several government and retail institutions by LANKAQR-certified banks so that these institutions may now accept LANKAQR payments from customers.
To facilitate LANKAQR transactions, 21 financial institutions have been certified to date with a total of 24 mobile applications, with LankaClear (Pvt) Ltd as the network service provider.
