Mastercard and LankaPay have announced a strategic partnership aimed at advancing Sri Lanka’s digital economy through three key initiatives designed to enhance financial inclusion, improve security, and drive economic growth.
The first initiative introduces co-branded debit cards, which will enhance financial inclusion by offering exclusive deals, including Priceless Specials and global travel services. These cards are easily integrated by local banks, aligning with the Sri Lankan government’s digitalization goals.
The second initiative, Pay Local, introduces low-cost QR payments that allow international tourists to link their cards to the LankaPay app. This will enable instant payments in home currency at over 400,000 merchants, benefiting small and medium-sized enterprises (SMEs) and formalizing tourism-related revenue.
The third initiative leverages AI-powered security through Mastercard’s Brighterion technology, offering real-time fraud detection using advanced algorithms. This system will secure ATM and account transfers, marking a significant first for Sri Lanka in mitigating risks while preserving a seamless user experience.
Through this collaboration, Mastercard and LankaPay aim to boost accessibility, security, and innovation within Sri Lanka’s digital economy, supporting the growth of SMEs, enhancing financial inclusion, and driving foreign exchange growth through tourism.
