The “National QR Payment Promotion Programme” was launched by President Anura Kumara Dissanayake at the Presidential Secretariat today (06).
According to the government, a service fee will not be charged for transactions of up to a maximum of Rs. 5000 for these electronic payments.
The President’s Office states financial institutions have decided to completely remove the Merchant Discount Rate (MDR) charged to merchants for all LankaQR transactions up to Rs. 5,000, effective from today (06), enabling small-scale businesses to accept digital payments without additional costs.
The initiative aims to promote a cash-lite economy and reduce reliance on coins and banknotes while expanding the use of digital payment systems across the country.
According to official data, 89% of Sri Lanka’s adult population currently has access to banking facilities, while the CEFTS system processes around 68 million transactions per quarter, valued at Rs. 6.3 trillion.
The LankaQR system, supported by more than 20 financial institutions, is currently accepted at approximately 450,000 merchant locations nationwide. (Newswire)