SDB Bank at forefront of LANKAQR digital payments ‘Rata Puraama’ in association with CBSL

From left: CBSL Asst. Governor R. A. A. Jayalath, CBSL Governor Deshamanya Prof. W. D. Lakshman, SDB bank Chief Executive Officer Thilak Piyadigama, and CBSL Director (Payments and Settlements) D. Kumaratunge 

In a landmark event held in Matale, the Central Bank of Sri Lanka, in coordination with a number of financial institutions and telcos, launched the first phase of ‘Rata Puraama LANKAQR’ to introduce LANKAQR as the way forward for mobile phone and digital payments countrywide. 

The event themed ‘Matale-ta LANKAQR’ drew the participation of CBSL Governor Deshamanya Professor W.D. Lakshman and other top CBSL officials, plus leading financial institutions and telcos together with partnering institutes attached to the National QR Code project.

The intent of the inaugural event in Matale, a public awareness campaign to promote the ease, cost-effectiveness and secureness of LANKAQR digital payments among customers and businessmen, mirrors SDB bank’s continuing focus through their payment app UPay on creating an inclusive digital payments landscape for all Sri Lankans.

SDB bank CEO Thilak Piyadigama was appointed as the Chairman of the ‘Working Group of Financial Institutions’ by CBSL, to lead the implementation of the LANKAQR project. He stated, “We are honoured to be at the forefront of the initiative to take the LANKAQR payments standard to all parts of the island including its rural villages, to usher in digital transactions as the new norm in fintech countrywide.” 

The event at the CBSL Matale Regional Office of was followed by town-wide promotion of LANKAQR, along with a visit to SDB bank’s Matale branch by several top CBSL officials, as LANKAQR promotional activities were underway.

The cutting-edge nature of the LANKAQR digital payments introduction closely reflects UPay’s many first-to-market innovations in the fintech industry in Sri Lanka, aside from its core offering of anytime, anywhere digital payments for a range of products, services and lifestyle conveniences. The LANKAQR standard, in addition to offering consumers and merchants the convenience of transacting at any merchant point bearing the LANKAQR logo, regardless of bank or payment app, presents financial institutions with an accurate method to monitor the credit rating of customers in approving loans and other financial requirements. 

The Central Bank of Sri Lanka has directed all national banks to adopt the LANKAQR system by 30 September 2020.