Sri Lanka, March 24 -- The Cabinet Ministers has approved a program to accelerate the use of the National QR Payment system (LankaQR) by waiving fees for transactions below Rs. 5,000, aiming to promote digital payments and strengthen the country's digital economy.

Promoting a digital economy has been identified as a national priority to enhance economic efficiency, financial inclusion, and transparency. Currently, the heavy reliance on cash for daily retail transactions limits transparency and slows the growth of digital financial services.

Although the LankaQR infrastructure is operational, involving over 20 financial institutions and approximately 30 mobile applications, active usage remains relatively low. In the third quarter of 202...