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Business and financial community welcomes UPI launch

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Business leaders and authorities in the financial sector yesterday welcomed the introduction of the Unified Payments Interface (UPI) transactions through LankaQR for Indian tourists in Sri Lanka at a time when digital payments are witnessing a surge in adoption within the country.

Commenting on the launch, they said it can revolutionize the tourist experience by providing a seamless payment solution. The Sri Lankan business community, regardless of the scale of the business, can join the LankaQR system easily by communicating with their banks, either state-owned or private.

According to statistics, around 380,000 LankaQR payment acceptance services have been issued by various banks so far and the number is expected to increase rapidly with the official launch of the payment mechanism yesterday, as more businesses in the small and medium-enterprise (SME) sector tend to obtain the LankaQR system.

The LankaQR mechanism was introduced a few years ago jointly by the Central Bank of Sri Lanka (CBSL) with the assistance of commercial banks of the country. According to the CBSL statistics, 1.1 million transactions amounting to the value of Rs 3.3 billion have been carried out through the LankaQR system last year.

Besides, it has been scheduled to rapidly establish 10,000 LankaQR payment facility points throughout the country within the next three weeks. Furthermore, another 65,000 LankaQR payment facility points will be established by the end of March, aiming to allow both the local and Indian tourists to make cashless payments, CBSL Director Payments and Settlements of CBSL Vasantha Alwis said.

He added that customers who want to make their payments through the LankaQR system have to download any online payment software available with their respective bank or financial institution. Then they have to scan the LankaQR code of the respective institution while making a cashless payment through the LankaQR system.

LankaPay Chairman Dr. Kenneth De Zilwa, LankaPay CEO Channa de Silva, Deputy Chairman of LankaQR Steering Committee Randhil Boteju and LOLC Finance Chairman Conrad Dias also addressed the media.

The post Business and financial community welcomes UPI launch appeared first on DailyNews.

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