Sri Lanka’s GovPay processes over Rs.500 million in digital payments
The Morning: GovPay, the Sri Lankan Government’s official digital payments platform, has processed over Rs. 500 million in transactions, the Ministry of Digital Economy said in a recent statement released.
As of 30 October, 37,715 transactions amounting to Rs. 568,666,330 were completed through GovPay, involving 184 government institutions, the ministry noted, in the statement.
The platform is meant to enable citizens and businesses to make payments for various government-related transactions, including taxes, fines, utility bills, education fees, and other service charges via banks and digital financial channels.
The platform project is managed by LankaPay, the country’s national payment network, under the supervision of the Information and Communication Technology Agency (ICTA) and the Central Bank of Sri Lanka (CBSL).
Launched in February this year, under the leadership of President and Minister of Digital Economy Anura Kumara Dissanayake, it is currently being implemented in multiple phases.
OSL take:
Sri Lanka’s digital industry and related sectors have become hotspots for business/investment opportunities as the country is poised to become a regional hub. The overall expansion of the country’s economy as Sri Lanka becomes an emerging business destination in the region and the need to be on par with the fast-evolving global digital industry have presented many business/investment opportunities. The Sri Lankan government’s commitment to transform the country into an e-economy and the digitization drive that has been launched covering all sectors of the country have further added to the expansion of Sri Lanka’s digital industry and related sectors. Also, the growth and profits recorded by businesses already engaged in the digital industry and the interest shown by foreign businesses/investors to enter the local industry are indicative of the increasing business potential in Sri Lanka’s digital industry and related sectors. Given all these factors, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka’s digital industry and related sectors. Local collaborations could also help foreign businesses expand their businesses in Sri Lanka’s digital industry.
| Article Code : | VBS/AT/20251111/Z_3 |