Payments/LK
Sri Lanka
ISO LK · 3 schemes
Summary
- LankaQR is the national QR code standard (2019)
- 400,000+ merchants participating
- CBSL oversees with LankaClear as operator
- UPI integration for Indian tourists (2024)
- 2025 relaunch planned to address adoption barriers
Banking landscape
Central Bank
- Name: Central Bank of Sri Lanka (CBSL)
- Website: https://www.cbsl.gov.lk/
- Role: Monetary policy, payment systems regulation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Bank of Ceylon | State | BOC Digital |
| 2 | People's Bank | State | People's App |
| 3 | Commercial Bank | Private | ComBank Q+ |
| 4 | Hatton National Bank | Private | HNB Mobile |
| 5 | Sampath Bank | Private | Sampath Digital |
Market Structure
- State banks: BOC, People's Bank
- Private leaders: Commercial, HNB, Sampath
- LankaClear: Payment infrastructure operator
- LankaPay: Payment services brand
SME Contribution
- SMEs contribute 52% to GDP
- Key beneficiaries of LankaQR
- Formalizing informal economy
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| LankaQR | LankaClear/CBSL | Unified QR | Active |
| CEFTS | LankaClear | Real-time | Active |
| SLIPS | LankaClear | Interbank | Active |
| JustPay | LankaPay | Online | Active |
LankaClear Role
- Entrusted by CBSL
- Implements LankaQR
- Operates payment infrastructure
- Ensures interoperability
LankaPay Services
- LankaQR merchant payments
- JustPay online payments
- Fund transfers
- Bill payments
QR code standards
LankaQR
| Attribute | Value |
|---|---|
| Introduction | October 12, 2018 |
| Launch | March 11, 2019 |
| Operator | LankaClear (CBSL mandate) |
| Merchants | 400,000+ |
LankaQR Features
- National standardized QR
- Interoperable across banks
- Single QR for all providers
- CBSL regulated
Cross-Border Integration (2024)
| Country | System | Status |
|---|---|---|
| India | UPI/PhonePe | Active |
| China | Alipay | In progress |
| China | WeChat Pay | In progress |
- 350,000+ merchant points for UPI
- Indian tourist convenience
- 400,000 merchants for Chinese apps
2025 Relaunch Plans
- Address adoption barriers
- Digital identity integration
- Highway toll payments
- Fee structure improvements
Mobile payment apps
| App | Provider | LankaQR | Notes |
|---|---|---|---|
| ComBank Q+ | Commercial Bank | Yes | First QR app |
| HNB Mobile | HNB | Yes | MDR waiver 2025 |
| Sampath Vishwa | Sampath | Yes | Active |
| FriMi | Nations Trust | Yes | Digital wallet |
| Mintpay | Fintech | Yes | BNPL + QR |
ComBank Q+ (First LankaQR App)
- First QR-based payment app
- Commercial Bank of Ceylon
- LankaQR compliant
- Launched early
HNB MDR Waiver (2025)
- Eliminated MDR for merchants
- Avurudu season promotion
- Adoption incentive
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| LankaQR | Unified QR | CBSL | 400K+ merchants | lankaqr |
| UPI Cross-border | International | UPI | 350K+ points | — |
| CEFTS | Real-time | LankaClear | Universal | — |
Sources
- CBSL - LankaQR
- CBSL - National QR Code
- CBSL - Payment Services Guide
- Wikipedia - LankaQR
- LankaClear - LankaQR
- LankaPay - LankaQR
- Commercial Bank - ComBank Q+
- The Morning - ComBank Q+
- CBSL - Directions Circulars
- Finap - BNPL Sri Lanka
Full country report
Schemes
Standards
Mentioned · 1