CBSL takes LANKAQR across the nation

The Central Bank of Sri Lanka (CBSL) together with financial institutions with LANKAQR enabled payment apps launched “Mataleta LANKAQR”, an islandwide awareness campaign on 12 September 2020 at the Central Bank of Sri Lanka Regional Office- Matale under the theme of “Mataleta LANKAQR” (Taking LANKAQR to Matale). The chief guest of this inaugural ceremony was Deshamanya Prof. W.D. Lakshman, Governor, CBSL. CEOs and officials of Licensed Commercial Banks, Licensed Specialized Banks, Licensed Finance Companies, Telecom companies as well as representatives of LCPL and prominent government authorities and law enforcement authorities of the Matale region attended this ceremony. The aim of this public awareness campaign is to encourage the usage of LANKAQR QR code based digital payments due to its numerous benefits to the public and the economy. LANKAQR is a common Quick Response (QR) code standard adopted by financial institutions in Sri Lanka to facilitate fast, secure and low cost digital payments to any merchant, especially small and medium enterprises. It enables customers to pay merchants directly from their bank accounts using a LANKAQR compliant mobile payment app. The payment is instantly credited to the merchant’s bank account. The LANKAQR printed sticker is provided free of charge to merchants to display at their place of business by the member institutions of LANKAQR. To pay using LANKAQR, a customer has to scan the LANKAQR using a mobile payment app and the merchant will receive an instant SMS notification, confirming the receipt of payment. This is a low cost solution as the maximum Merchant Discount Rate (MDR – fees paid by merchant to the bank that issues the LANKAQR code) has been mandated at 1% by the CBSL Payments and Settlements Department 13.09.2020 2 and to further encourage merchants to adopt LANKAQR, the MDR will be 0.5% during 2020. There is no cost to the customer in using LANKAQR based payments. It is envisaged that this would encourage digital payments in the economy and reduce the cost of cash management, as well as formalize the informal sector. As the first official LANKAQR transaction of the “Ratapuraama LANKAQR” initiative, the Governor of the CBSL, Deshamanya Prof. W.D. Lakshman made a donation in the form of a LANKAQR transaction to the Uyanwatta Rajamaha Viharaya, in the presence of the Hon. Chairman of the Dambulla Sasanarakshaka Balamandala, and the Managing Director of the Sri Jinaratana Samanera Bhikku Training Institute and the Jinaratana Children’s Home, Rangiri Dambulla Rajamaha Viharaya Uyanwatta Purana Vihara Chief Incumbent Ven. Halmillawewa Premaratana Thero. Upon the completion of the inaugural ceremony, officials of financial institutions proceeded to the Matale town and raised awareness of LANKAQR and implemented a promotional campaign of LANKAQR enabled apps to both merchants and customers. The Island wide awareness campaign will take place in major towns and villages on a regular basis to ensure the successful adoption and usage of LANKAQR for digital payments. LANKAQR compliant QR codes are currently issued by Bank of Ceylon, Cargills Bank, Commercial Bank, DFCC Bank, Nations Trust Bank, NDB Bank, Sampath Bank, SDB Bank, LB Finance, LOLC, Dialog and Mobitel. The LANKAQR enabled apps are BOC SmartPay, Orel Pay, DirectPay, One Pay, Q+, DFCC Pay, FriMi, NDB NEOS, WePay, Upay, CIM, iPay, Dialog eZ Cash and Mobitel mCash Image: Governor of the Central of Sri Lanka, Deshamanya Prof. W D Lakshman making a LANKAQR code based payment to a vegetable vendor of Matale. Image: Deshamanya Prof W D Lakshman, Governor, CBSL, Mr. R A A Jayalath, Assistant Governor, CBSL and Mr D Kumaratunge, Director Payments and Settlements, CBSL with officials of Financial Institutions with LANKAQR enabled payment apps.

The post CBSL takes LANKAQR across the nation appeared first on Adaderana Biz English | Sri Lanka Business News.

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