Sri Lanka flags off nationwide rollout of LANKAQR to boost digital payments - Opportunity Sri Lanka
Sri Lanka flags off nationwide rollout of LANKAQR to boost digital payments

Sri Lanka flags off nationwide rollout of LANKAQR to boost digital payments

Daily FT: The Government has kicked off the nationwide rollout of LANKAQR, a key initiative to popularise digital payments as opposed to using cash.
LANKAQR enables customers to make payments, directly from their bank accounts to accounts of merchants or service providers, using payment apps of LANKAQR certified financial institutions.
LANKAQR is a low-cost digital payment solution, which targets small and medium enterprises especially. Customers will not be charged for using LANKAQR based payments. It was first launched late last year by the Central Bank together with licensed financial institutions and LankaClear Ltd.
State Minister of Digital Technology and Entrepreneur Development Namal Rajapaksa and CBSL (Central Bank of Sri Lanka) Governor Nivard Cabraal officiated the nationwide rollout of this initiative with State and private sector institutions and the banking sector.
Some of the institutions which figured in the launch along with their partners were SriLankan Airlines with Bank of Ceylon and SmartPay, Department of Immigration and Emigration with BOC and SmartPay, Road Development Authority with Nations Trust Bank and Frimi, Lanka IOC with Seylan Bank and Novus, DSI with Commercial Bank and Q+, Hameedia with Sri Lanka Mobitel and MCash, Keells with HNB and SOLO, Glomark with NDB Bank, Damro with Sampath Bank, Healthguard with DFCC Bank and DFCC Pay, PickMe with LOLC Finance and iPay, Ceyfish with People’s Bank and People’s Pay, and Co-operative Society with SDB Bank and UPay.
Speaking at the launch, Minister Namal Rajapaksa said that the nationwide rollout of LANKAQR will be a big boost to the overall digitisation initiative as well as promoting digital commerce.
He said the rest of the world was modernising and digitising rapidly and Sri Lanka should not lag behind. Rajapaksa stressed the importance of ensuring greater public awareness of the benefits of digital payments and adoption. He also said that National eID is a key initiative that will help digital transformation.
Rajapaksa referred to the recent appointment of an eight-member experts committee to advise the Cabinet on a new framework to drive digitisation on a proposal made by him as the Development Coordination and Monitoring Minister.
CBSL Governor Nivard Cabraal said digitalisation was the new buzzword globally and it was the cornerstone of modern business and economy. “Sri Lanka as a nation must race itself to and embrace digitisation,” he said, adding that the nationwide rollout campaign of LANKAQR will ensure wider benefits to people, consumers and companies.
“We are putting seamless systems in place. LANKAQR is one such initiative,” Governor added.
Central Bank Deputy Governor T. M. J. Y. P. Fernando and Payments and Settlements Director Dharamasiri Kumarathunga also spoke at the launch.

OSL take:

Sri Lanka is currently engaged in transforming the country into an e-economy by uplifting and developing digital platforms. With Sri Lanka building itself as a business hub in the South Asian region and the economic expansion along with it, there are growing business/investment opportunities in Sri Lanka’s ICT and digital infrastructure sectors. Given Sri Lanka’s overall economic expansion and opportunities, foreign businesses/investors could explore the growing business/investment opportunities in the country’s ICT and digital infrastructure development sectors.

Share this:

Article Code : VBS/AT/IM/20211027/Z_3

    For More Info and Help

    Leave a Comment