Central Bank leads ‘Rata Purama LANKAQR’ campaign

Monday, 25 January 2021 00:00 - - {{hitsCtrl.values.hits}}

LANKAQR event in Colombo steps up campaign to take cashless transactions across the country

State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal

The Central Bank of Sri Lanka in coordination with leading financial institutions and telcos in the country set in motion the ‘Rata Purama LANKAQR’ promotional campaign with a monumental event on 23

January 2021.

The ‘Rata Purama LANKAQR’ initiative represents the second phase of an island-wide campaign commenced late last year to introduce LANKAQR as the standard for mobile phone and digital payments countrywide, in moving towards a cashless and digitally-savvy society plus greater financial inclusion across Sri Lanka.

Held at Diyatha Uyana, Battaramulla, the event was graced by Chief Guest, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal, CBSL Deputy Governor and National Payments Council Chairperson Yvette Fernando, CBSL Director Payments and Settlements D. Kumaratunge, and CBSL-appointed LANKAQR Committee Chairman/SDB bank CEO Thilak Piyadigama, among other distinguished guests.

The Colombo-leg of the LANKAQR national campaign, drawing on the participation of numerous high-profile guests plus the island’s top banks and financial institutions, aimed to advance the program’s overall vision of promoting digital transactions as the new norm and included city-wide promotions, covering major commercial locations in and around the city.

Developed by the Central Bank of Sri Lanka, LANKAQR is a common Quick Response (QR) code standard, and its adoption by most major financial institutions in Sri Lanka is a progressive step on the path to Sri Lankans fully embracing a future that is inevitably digital, gradually leading to an entirely cashless mode of transaction.

The LANKAQR system will allow banks, financial institutions and telcos, through their digital payment apps and platforms, to facilitate fast, secure and low-cost digital payments to any merchant or service provider. LANKAQR provides customers with a mechanism for payment for all their needs ranging from groceries, healthcare to utilities, and even the purchase of goods from street-side vendors, directly from their bank account through the use of any LANKAQR-compliant mobile payment app.

To use the LANKAQR method of payment, a customer has to scan the LANKAQR logo code affixed to a merchant stand through a mobile payment app, allowing the merchant to receive an instant SMS notification, confirming the receipt of payment. The enhanced payment functionality this offers both customers and merchants, is set to create a more vibrant economic space in towns right across the country, particularly through offering a low-cost digital payment solution to SMEs as well as informal businesses.

The aggressive adoption of LANKAQR across the country follows the national directive issued by the Central Bank of Sri Lanka last year, instructing the country’s top banks and financial institutions to progressively adopt and integrate the LANKAQR system into their existing digital payment platforms and apps.

The Colombo-phase of the LANKAQR campaign created further public awareness on the ease, cost-effectiveness and secureness of LANKAQR digital payments for both customers and businesses, ensuring further momentum in realising the national vision of a smooth transition to a digital society.