Central Bank has , introduced the advertising campaign of “Cash වදේ” (Cash hurt) depicting the worries that both consumers and businesses face due to using cash, such as the risk of being robbed or losing time in queues.
The launch, which marked official beginning of the retail level campaign aims to draw as many customers to use digital payment methods such as mobile applications, the LankaQR code, and credit and debit cards.
The promotional campaign of “2020 - Year of Digital Transactions” was launched byDeshamanya Prof. W D Lakshman, Governor of Central Bank On Thursday 11 March, 2020 in Colombo in attendance of senior bankers, officials of non-bankingfinancial institutions, central bankers and other dignitaries.
Delivering the welcome address H A Karunaratne, Deputy Governor of CBSL, noted the vast number of digital initiatives that CBSL, LankaClear and banks have implemented over two decades that kept Sri Lanka’s payment infrastructure at a globally competitive level.
The Regional Industry Director –Payments and Settlements Department Financial Institutions Group, Asia Pacific, International Finance Corporation (IFC), Ms. RosyKhanna, articulated that it was imperative that all stakeholders worked towards improvingdigital financial inclusion in Sri Lanka.
D Kumaratunge, Director Payments and Settlements of CBSL, presented the initiatives to promote a less-cash society in Sri Lanka.
These included new projects such as theLankaQR Code and the Fintech Regulatory Sandbox that were recently launched and the Blockchain based Shared Know-Your Customer (KYC) solution, and Open Banking project, which are in progress.
He recognized the responsibility of all stakeholders, especially the banks and other financial institutions, to ensure that the success of the project by connecting with new products introduced by CB and LankaClear (Private) Limited (LCPL) as well asactively engage in creating awareness of these products.
Prof. W D Lakshman, Governor of the CBSL concluded the event by highlighting the economic benefits of moving to digital payments.
He invited all stakeholders to join this campaign so that Sri Lanka can reap the full potential of digital payments at all levels of the economy
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