Central Bank names 2020 the year of digital transactions in Sri Lanka

The Central Bank of Sri Lanka (CBSL) 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 CBSL said issuing a press release.

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

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, the statement read further.