ECONOMYNEXT – Sri Lanka will shortly issue a transit card which can also be used on automated teller machines, point of sale terminals as well as to pay for bus and rail tickets, Lanka Clear, which runs clearing systems for the financial system said.
An agreement to implementation the first Sri Lanka Transit Card was signed among Sri Lanka Transport Board (SLTB), National Transport Commission (NTC), People’s Bank and LankaClear (Pvt) Ltd.
At the pilot phase, SLTC will be accepted in public and private buses in selected routes identified by the Ministry of Transport, which will be gradually extended to other routes and to Sri Lanka Railway.
The card could be used at ATMs, POS machines and all Transport sectors giving the convenience of using a single card, Lanka Clear said.
It will also save the government the cost of printing and distributing cards if it was implemented as a standalone transport card, Lanka Clear said.
:The proposal to implement the SLTC submitted by LankaClear, with approval from Central Bank and support from the Ministry of Transport, received cabinet approval in February 2021,” LankClear said.
“SLTC will be issued by all authorized financial institutions under the National Card Scheme (NCS) facilitated by LankaClear. ”
Bank of Ceylon and other state banks are also in the process of joining the initiative, the firm said. (Colombo/Apr27/2021)