Sri Lankan state bank enables cashless society with Quick Response Code Banking
Sri Lankan state bank enables cashless society with Quick Response Code Banking

Sri Lankan state bank enables cashless society with Quick Response Code Banking

Sri Lanka’s National Savings Bank (NSB) has reportedly enabled a cashless society with Quick Response (QR) Code Banking in collaboration with Lanka QR.

Globally recognized Quick Response (QR) Code banking is the next step in the evolutionary journey of banking and finance institutions in this technologically advanced world heralding the age of a cashless society, Sri Lanka’s state owned Daily News has reported.

The digitalization roadmap of the Central Bank of Sri Lanka (CBSL), the “Rata Purama LANKA QR,” which has carried out an island wide campaign in collaboration with the member institutions has created awareness that QR based payments are fast becoming the norm in trade settlements.

As one of the few banks to receive accreditation for LANKA QR Transaction Types 1, 2, 3 and 4 both as acquirers and issuers from the CBSL, the NSB is well equipped to lend credence to QR Code banking in the industry, the media report stated.

Within a short period of a fortnight from the launch, NSB has reportedly boarded upwards of 1,800 merchants indicating the popularity of QR Code banking amongst its customers.

NSB account holders can now venture out on their own no matter how small they are and yet be afforded financial inclusion using QR Code banking offered by the leader in saving and with QR Code based banking, dawns a new era of banking facilities especially for the informal sector of the economy to become formalized, the local media report further stated.

Also, keeping with the NSB’s path to complete digitalization, the Bank has reportedly incorporated many innovative facilities in the banking industry such as the Common ATM Switch (CAS), Common Electronic Fund Transfer Switch (CEFTS), JustPay, Payment Exchange Name (PEN), Lanka Pay Online Payment Platform (LPOPP) and Direct Debit Authorization (DDA).

OSL take:

The government of Sri Lanka is committed to transforming the country in to an e -economy. This has opened up many business/investment opportunities in Sri Lanka’s ICT/digital infrastructure development sectors. The increase in Sri Lanka’s business activities and growth as a business hub in the South Asian region has further exposed the growth potential of Sri Lanka’s ICT and digital infrastructure development sectors. Foreign businesses/investors could explore business/investment opportunities in these sectors. After all, Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have made it an active business destination.  

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Article Code : VBS/AT/03112020/Z_1

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