Sri Lanka creates revolution in payments through LANKAQR
Sri Lankans will soon be able to make payments to any big or small merchant, supermarkets taxi or three wheel drivers for purchases and services through a printed Quick Response (QR) code and a mobile phone.
The Central Bank will be introducing this revolutionary payment system making payments faster and easier for customers through Sri Lanka’s national QR code.
According to a Central Bank notice published in its website, the National Quick Response ( QR) code- based transactions called LANKAQR will be rolled out shortly to speed up making electronic payments affordable to people allowing any service provider or vendor to accept such payments.
Customers will have to scan a LANKAQR Code from a mobile payment app to make payments to any merchants accepting LANKAQR Code payments.
A quick response code ( QR code) is a two- dimensional code made up of black and white squares that can be read by mobile phone cameras, point of sale (POS) terminals or other devices.
The Fintech Subcommittee under the National Payment Council of the Central Bank has developed the standardised national QR code as well as a National Transit Card for Sri Lanka, a senior Central Bank official said.
LANKAQR will make payments easier for customers. It has no transaction cost and no hassle with cash and instant pay- ment notification when purchasing any good or service, he said.
Merchants will also be getting benefits such as lower set-up cost, lower transaction costs, no maintenance cost. They will also be receiving instant notification of payment receipt.
Since Sri Lanka has a mobile phone base of around 28 million with more customers getting added each month, QR code-based payments would be the most cost-effective way of expanding the digital footprint, he added.
LankaClear ( Pvt) Ltd and JCB International Co. Ltd, the international operations subsidiary of JCB Co. Ltd ( JCB), last year entered into a strategic partnership to set up a National Card Scheme.
LankaPay-JCB co-branded cards will be issued to the public soon while promoting the acceptance of such cards with the JCB payment solutions, he disclosed.