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Friday January 21st, 2022
Banking

Sri Lanka CB drives QR code use in digital payment push

ECONOMYNEXT – Sri Lanka is driving QR code use, getting more state agencies and private retailers to use the system for payments, the central bank said.

The central bank initiated a LankaQR, a national standard, with LankaClear (Pvt) Ltd, a clearinghouse being the network service provider.

“In the current environment of the COVID-19 global pandemic, it is now more important than ever to reduce the usage of cash and move towards digital payment methods,” the central bank said.

Up to now, 21 financial institutions have been certified with a total of 24 mobile applications.

The central bank has launched a rollout campaign on October 25, to popularize the use within small and medium merchants with Namal Rajapaksa, Minister of Sports State Minister of Digital Technology and Entrepreneur Development as chief guest.

Government and retail institutions were linked to the system by LANKAQR certified banks.

Minister Rajapaksa said the LANKAQR could be popular among the younger generation and such methods will help Sri Lankan consumers to move towards digital payments. (Colombo/Oct27/2021)

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