Sri Lanka Introduces Digital Payment Program to Boost Efficiency and Reduce Fraud

The Ministry of Digital Economy in Sri Lanka has announced the launch of a special program aimed at promoting digital payments across the country. Deputy Minister Eranga Weeraratne revealed that cash transactions account for approximately 1.5% of the nation’s annual Gross Domestic Product (GDP), adding that cash payments contribute to an increase in fraud, corruption, and inefficiencies in the payment system.

As part of the initiative, all payments to government institutions will be digitized. The government has introduced the GovPay app, which is already connected to 16 government institutions, and additional institutions are expected to be linked by January 2025. With this, all payments made to the government will transition to digital platforms.

Weeraratne emphasized that this move will significantly improve the efficiency of the payment system, reduce manual labor, and help eliminate corrupt practices. The introduction of digital payments is also expected to offer more convenient services to the public, streamlining the overall payment process.

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