Sri Lanka’s GovPay crosses Rs. 1 b in transactions, adopted by 200 agencies
Daily FT: The Government’s digital payment platform GovPay has crossed Rs. 1 billion in total transactions, with 200 State institutions now using the system. The milestone reflects steady progress toward digitising public payments and reducing reliance on cash.
Developed by the Digital Economy Ministry in collaboration with the Information and Communication Technology Agency (ICTA) and LankaPay, GovPay is designed to make payments across Government services faster, more convenient, and transparent.
Following this success, the Ministry aims to scale up to Rs. 1 trillion in transactions and expand participation to 1,000 institutions. It said efforts are underway to extend GovPay’s reach as part of Sri Lanka’s broader transition to a cashless digital economy.
OSL take:
Sri Lanka’s commitment to transform the country into an e-economy and the ongoing digitization drive covering all sectors of the country have presented many business/investment opportunities. The lucrative nature of these businesses is evident by the growth and profits recorded by businesses already engaged in the digital industry like GovPay’s earnings. As Sri Lanka embarks on a steady path towards becoming a regional hub, the existing business/investment opportunities and the need to be on par with the fast-evolving global digital industry have presented many lucrative business ventures. Foreign businesses/investors on the lookout for lucrative opportunities could explore the expanding business/investment opportunities in Sri Lanka’s digital industry and related sectors while also looking at expanding operations through local collaborations.
| Article Code : | VBS/AT/20251112/Z_4 |