Sampath Bank Extends Partnership with Paycorp International to Become First Local Bank to Facilitate Online Payments from Six Major Issuer Networks - Adaderana Biz English bizenglish.adaderana.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizenglish.adaderana.lk Daily Mail and Mail on Sunday newspapers.
Discussions continue with RBF and commercial banks about making bank accounts interoperable with digital wallets
EFTPOS for all Govt ministries and agencies
Discussions continue with RBF and commercial banks about making bank accounts interoperable with digital wallets
EFTPOS for all Govt ministries and agencies
[Image: File Photo]
The Government is allocating $5 million to facilitate the adoption of EFTPOS (Electronic Funds Transfer at Point of Sale) by all Government ministries and agencies in the next financial year.
Minister for Economy Aiyaz Sayed-Khaiyum says all Ministries and Departments will now be able to provide more convenient payment solutions.
He says this will make transacting business with the government faster and easier for citizens and businesses alike.
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Decisive shift in preference for contactless and cashless payment solutions
Over 250 enterprises successfully digitalized processes after the onset of the pandemic
Resistance to cashless transactions has rapidly given way to enthusiastic usage as an unprecedented number of Sri Lankans are switching to digital banking channels, according to HNB Head of Cards, Gauthami Niranjan.
Compared with 2020, the volume of transactions on digital channels grew by a remarkable 158% Year-on-Year (YoY) in 2021, while the value of digital transactions increased by a corresponding 153% YoY.
“Given that HNB had already captured the lion’s share of the market in digital merchant acquisition even before the pandemic, we leveraged these experiences to ensure that even businesses which were initially unsure of digital payments were able to seamlessly adapt and integrate these technologies into their total business model. The results of these efforts are compelling as reflected in the massive uptake
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