The Central Bank of Sri Lanka (CBSL) has introduced LANKAQR, a new digital payment solution focused on reducing cash reliance and bolstering financial inclusion.
The new system has been rolled out nationwide and will allow customers to make direct payments from their bank accounts to service provider accounts and merchants using payment apps of financial institutions certified by LANKAQR.
Currently, up to 21 financial institutions have been certified to facilitate LANKAQR transactions, with 24 mobile applications included. The payment solution is primarily aimed at small and medium-sized companies.
LANKAQR uses a national QR code standard, with customers able to make payment by scanning the code of LANKAQR. Customers are not charged for using payments on the solution, with merchants provided a LANKAQR printed sticker and required to pay a fee to the bank that issues the QR code.
CBSL governor Ajith Nivard Cabraal said that it is ‘imperative’ to make digital payments fast, effective, easy and secure to gain public uptake, adding that Sri Lanka must continue to embrace digitalisation in all spheres and that LANKAQR is a step in this direction.
Copyright © 2021 RegTech Analyst
Copyright © 2018 RegTech Analyst
