Published on: February 12, 2024

The utilization of digital payment systems offers numerous benefits for small and medium enterprises

  • Acquire Your Business’s QR Code Easily through Your Financial Institution and Trade Agreement – Mr. Wasantha Alwis, Director (Payments and Settlements) of the Central Bank.

A press conference was held this afternoon (12) at the President’s Media Center to announce a significant development aimed at making payments easier for Indian tourists in Sri Lanka. The conference followed the virtual launch introducing UPI transactions, highlighting their groundbreaking impact in connecting Sri Lanka and India.

Jointly implemented by NPCI International Payments Limited and Sri Lanka’s LankaPay Pvt. Ltd., the program seeks to rapidly expand this payment system across 10,000 stores simultaneously. By March 2024, there are plans to further extend this facility to encompass a staggering 65,000 stores nationwide.

During the conference, Mr. Wasantha Alwis, Director (Payments and Settlements) of the Central Bank, elucidated that businesses can easily obtain QR codes by contacting their respective financial institutions and reaching a trade agreement. He emphasized that all banks and financial institutions registered with the Central Bank of Sri Lanka are mandated to issue these codes.

The move is expected to open up avenues for small and medium businesses in Sri Lanka, as many Indian tourists are already familiar with QR code payments. Transactions made through this system will be credited to relevant accounts in Sri Lankan Rupees and recipients will receive immediate notification via text message.

Furthermore, small and medium-sized businessmen stand to benefit as they will become eligible for bank loans after a period of six months, owing to the income generated through these transactions.

Looking ahead, the initiative aims to expand the system further, enabling Sri Lankans to make payments through QR codes in India.

LankaPay Chairman Dr. Kenneth De Silva, LankaPay CEO Channa De Silva, Nations Trust Bank Senior Vice Chairman (Digital Banking) and Representative of LANKAQR Implementation Committee Randil Botheju, and LOLC Chairman and Fintech representative Conrad Dias were also attend at the press briefing.

Mission

The Presidential Media Division is fully responsible for socializing the views, actions, decisions and statements of His Excellency the President through the media. Electronic, print and new media will contribute to this through a credible and engaging approach.

The media department works as a source of information on the subject of the President’s vision and mission by maintaining good coordination with public and private media organizations and journalists.

National policies, plans and measures are explained to the people through the use of high quality media. Identify the fallacies and reveal the truth.