COLOMBO, April 6 (Bernama-Xinhua) -- Sri Lanka on Monday launched the "National QR Payment Promotion Programme" under the patronage of President Anura Kumara Dissanayake, introducing zero merchant fees on LankaQR transactions up to 5,000 Sri Lankan rupees (US$15.87), reported Xinhua.
Financial institutions have removed the Merchant Discount Rate for these transactions with immediate effect, allowing merchants, particularly small-scale vendors, to accept digital payments at no cost.
The move comes as cash continues to dominate daily transactions despite the country's existing digital infrastructure.
Currency in circulation stands at 1.48 trillion rupees (US$4.68 billion), while LankaQR usage remains low, averaging around 395 million rupees (US$1.25 million) per month as of the third quarter of 2025.
Sri Lanka's payment systems process high volumes through other channels.
The Common Electronic Fund Transfer Switch handles about 68 million transactions per quarter, valued at Rs. 6.3 trillion (US$19.9 billion).
LankaQR is supported by more than 20 financial institutions and is accepted at approximately 450,000 merchant locations nationwide.
-- BERNAMA-XINHUA
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