CB, financial institutions kick off “Rata Puraama LANKAQR” public awareness campaign from Matale

CBSL Governor Deshamanya Prof. W.D. Lakshman (centre), CBSL Assistant Governor R.A.A. Jayalath, and CBSL Director (Payments and Settlements) D. Kumaratunge (centre right) with officials of member institutions with LANKAQR-enabled payment apps

As the first official LANKAQR transaction of the “Rata Puraama LANKAQR” initiative, CBSL Governor 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 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

The Central Bank of Sri Lanka (CBSL) together with financial institutions with LANKAQR-enabled payment apps launched the “Rata Puraama LANKAQR” island-wide awareness campaign on 12 September at the Central Bank of Sri Lanka Regional Office, Matale, under the theme of “Matale-ta LANKAQR” (Taking LANKAQR to Matale). 

The Chief Guest of this inaugural ceremony was CBSL Governor Deshamanya Prof. W. D. Lakshman. CEOs and officials of licensed commercial banks, licensed specialised banks, licensed finance companies, telecommunication companies functioning as licensed service providers of mobile payment systems, as well as representatives of LankaClear Ltd. 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, 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 formalise the informal sector.

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 Limited, Commercial Bank of Ceylon PLC, DFCC Bank PLC, Nations Trust Bank PLC, National Development Bank PLC, Sampath Bank PLC, Sanasa Development Bank PLC, LB Finance PLC, LOLC Finance PLC, Dialog Axiata PLC and Mobitel (Pvt) Ltd. The LANKAQR-enabled apps are BOC SmartPay, DirectPay, Onepay, OrelPay, ComBank Q+, Flash, DFCC Pay, FriMi, NDB NEOS, WePay, UPay, CIM, iPay, Dialog eZ Cash, and Mobitel mCash.

CBSL Governor Deshamanya Prof. W.D. Lakshman making a LANKAQR code-based payment to a vegetable vendor of Matale