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Thursday December 9th, 2021
Sci-Tech

Sri Lanka to introduce cashless QR code payment system at expressway toll booths

FILE PHOTO – Southern Highway

ECONOMYNEXT – Sri Lanka’s cabinet of ministers has given the go-ahead to introduce a QR code payment system at tolling gates at expressways in a bid to reduce cash payments in the island.

“The government has joined hands with all licensed financial institutions in the endeavor of encouraging the LankaQR payment methodology with the objective of minimising the use of money physically within Sri Lanka (sp),” a statement from the cabinet office said on Wednesday (24).

“As one of its initiatives, it has been proposed to introduce LankaQR methodology for manual paying counters in the expressways managed by the Road Development Authority (RDA).”

Drivers can scan a QR code through a LANKAQR mobile payment app at the tolling gate by indicating the relevant amount on their mobile phone, the statement said, adding that it will take a maximum of 10 seconds to process the payment.

Last month, Sri Lanka’s Central Bank partnered with LankaClear, a firm that runs financial clearing systems to introduce a National Quick Response Code Standard for local currency payments, called LankaQR, for financial institutions and fintechs to facilities QR code-based payments.

The Central Bank said government and retail institutions were linked to the system by LankaQR certified banks, and campaigns were launched to popularise it amongst small and medium merchants.

LankaClear has been driving digital transactions in the country by introducing several products to the market.

The firm said previously that the COVID-19 epidemic pushed the market towards cashless payments, accelerating digital payments and conversion towards cashless payment in the country. (Colombo/Nov24/2021)

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