ECONOMYNEXT – Sri Lanka’s central bank is working to help introduce a digital transit card to be used in buses and trains and supporting infrastructure for ticketing and fare collection, its governor Indrajit Coomaraswamy said.
The initiative was part of future plans and policies to promote digital payment mechanisms to establish a “less-cash society”, he said while introducing central bank monetary and financial sector policies for 2019 and beyond.
“The Central Bank will focus on promoting digital payment mechanisms to establish a less-cash society with a view to reducing cash management costs while enhancing safety and convenience.”
Coomaraswamy said the central bank will facilitate the implementation of a ‘National Transit Card’ and infrastructure framework for ticketing and fare collection in bus and rail transport.
“We will also continue to adopt measures to promote the usage of digital payment mechanisms by way of encouraging financial institutions to enable digital payment methods and creating awareness among general public on digital payment options and their benefits,” he said.