The Cabinet has greenlit a strategic initiative to boost QR code-based digital payments across the island, removing all transaction fees for both senders and receivers on payments under Rs. 5,000.
The move, proposed by the President in his role as Minister of Digital Economy, aligns with the 2026 Budget and seeks to sharpen economic efficiency, enhance financial inclusion, and improve transparency.
Despite the LankaQR system being integrated with over 20 financial institutions and nearly 30 mobile applications, adoption rates remain sluggish. Cabinet Spokesperson Minister Nalinda Jayatissa noted that while the infrastructure is in place, usage has not yet reached its full potential.
Data from the third quarter of 2025 highlights the current scale of the network:
- Quarterly Transactions: 274,000
- Total Quarterly Value: Rs. 1.18 billion
- Monthly Average: 90,000 transactions (valued at approximately Rs. 390 million)
- Average Transaction Size: Below Rs. 5,000
Minister Jayatissa confirmed that the government is developing a comprehensive framework to further incentivise digital adoption. When questioned on potential transaction caps or tax reductions for consumers, he emphasised that these measures are part of an ongoing, broader plan to modernise the nation’s payment landscape.
