• Sun. May 26th, 2024

Sri Lanka’s standardized National Quick Response code – LANKAQR based transactions topped Rs. one billion in value for the first time in the third quarter of 2021.

With a total of 415,803 transactions performed via LANKAQR, the value transactions in the quarter were recorded at Rs. 1.04 billion, up from 462,542 transactions and Rs.733.33 million transaction value in the second quarter of the year.

Merchants registered to LANKAQR increased to 273,044 merchants in the third quarter from 255,874 merchants in the previous quarter.

However, LANKAQR transactions only accounted for a rather low volume and value of the country’s payment card infrastructure, which is dominated by transactions carried via Point of Sale (POS) terminals.

The transactions via POS terminals in the quarter increased by 40 percent on a Year-on-Year basis to Rs.173.2 billion in value and the number of POS terminals in use reached 88,871 terminals from 85,928 terminals a year back.

LANKAQR code was introduced by the Central Bank of Sri Lanka (CBSL) together with licensed financial institutions and LankaClear (Pvt) Ltd as a low-cost digital payment solution (compared to POS terminals), which targets small and medium enterprises especially.

LANKAQR enables customers to make payments, directly from their bank accounts to accounts of merchants or service providers, using payment apps of LANKAQR certified financial institutions.  Merchants are provided with the LANKAQR printed sticker free of charge by the member institutions of LANKAQR  to be displayed at their places of business.

Nearly all Commercial Banks incorporated in Sri Lanka and Licensed Operators of Mobile Phone-based
e-Money Systems has joined LANKAQR following the mandate issued by the CBSL in May 2020.

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