In 2024, the CBSL introduced a new Real-Time Gross Settlement (RTGS) system adhering to ISO standards for domestic transactions. Plans are underway to extend this compliance to cross-border transactions in line with global timelines. Offered free of charge, the QR Payment option can be used to pay from any account of Commercial Bank as well as from accounts at other banks.
Common examples of virtual currencies are cryptocurrencies such as Bitcoin, Litecoin and Ethereum. Moreover, the Central Bank officials stated that although there is legal permission for digital banking in Sri Lanka, no bank has made requests for fully digital banking. Furthermore, the Chair pointed out that the central bank did not give instructions to use the QR code system for fuel, but to use it for financial transactions without abolishing it. He emphasized the importance of using this “QR Code” method for important sectors of the Sri Lankan economy such as transportation and electricity. The GDPP will enable real-time payments to Government institutions that lack digitalised databases via internet banking portals and mobile payment apps. Dr. Weerasinghe emphasised that this move aligns with broader efforts to modernise Sri Lanka’s payment systems.
This contributes to the optimization of government service delivery by boosting efficiency in financial transactions, and reducing administrative burdens, and costs, leading to more time-effective and cost-efficient services for the public. The need to serve the unbanked and underbanked population, along with a drive to modernize the payment system, spurred the central bank’s introduction of the new digital currency. The Bahamas territory is spread out over 700 islands—making it unprofitable for commercial banks to have ATMs or physical branches on remote, sparsely populated islands. To bring the financial system under control, initial plans will see the migration of payment systems used by the Inland Revenue Department and Customs to blockchain-based platforms. Subsidiary legislations, such as the Guidelines on Minimum Compliance Standards for Payment-related Mobile Applications, are also slated for revision in 2025 to support the expansion of retail digital payments in Sri Lanka. Additionally, the CBSL will review the access and licensing regimes for interbank payment systems and payment services.
Facilitated by Lanka Clear (Pvt) Ltd., the Lanka QR code is a national standard introduced by the Central Bank of Sri Lanka for local currency payments through mobile phones. The extremely timely upgrade is the addition of a QR or Quick Response Payment module that enables Flash account users to scan a Lanka QR code of any merchant to make payments direct from the account to the merchant for goods or services purchased. Using the sand dollar doesn’t even require a bank account or a mobile phone, although that’s how most transactions take place. The public is also warned of the growing number of financial scams operating with the promise of high returns based on crypto-investments. These scams include deceiving individuals and obtaining money from them with the promise of providing a high return by investing money in cryptocurrency, as well as deceiving individuals to invest in fraudulent cryptocurrency projects.
The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 865 ATMs in Sri Lanka. The service has helped mitigate exposure to the pandemic, spur the local economy, and offer inspiration for a new generation of digital innovators in Uganda, and beyond. When COVID-19 hit Kampala, Uganda, small businesses were unable to get their goods and services to customers. Local IT company CICRA Holdings led technical development, working with brokers trained to interpret the dynamics of in-person bidding and with deep knowledge of tea categories and grades.
