The Central Bank of Sri Lanka has named the year 2020 as the year of digital transactions in Sri Lanka. The main objective of this initiative is to popularize digital payment schemes already introduced to the country by the license commercial banks, other financial institutions and LankaClear (Pvt) Ltd.Awareness is the key to increased use of mobile payment applications.

The Central Bank believes that this initiative would help take the country forward in terms of technology and therefore, the Payment & Settlement Department (PSD) of the Central Bank of Sri Lanka has taken several steps to raise public awareness on digital payment modes.

As the first step, PSD organized a payment app awareness and onboarding session for the staff of the Central Bank, on 11 February 2020. A number of institutions which facilitate payments through mobile payment apps using payment modes such as JustPay and QR Code, participated in this event.

This initiative aimed at helping the bank’s staff familiarize themselves with mobile payment apps to effect payments, especially for settlement of utility bills such as electricity bills, water bills, telephone bills and transfer of funds between accounts.

The Central Bank expects the financial institutions participated in this event as well as others to continue raising awareness on digital payment modes among the general public with the aim of encouraging the public to use these secure digital transaction methods which help save time, money as well as effort and thereby raise efficiency.

Promoting the use of digital payment applications would create a positive impact on innovations, help raise competitiveness and thereby encourage the growth in financial services leading to a higher level of digital payment activities as well as economic activities.