LANKAQR
 | |
| Product type | |
|---|---|
| Owner | Central Bank of Sri Lanka (CBSL) |
| Country | Sri Lanka |
| Introduced | 11 March 2019 |
| Markets | |
| Website | www |
LANKAQR, developed by Central Bank of Sri Lanka is an integrated payment system in Sri Lanka. Establishment of a National Quick Response Code Standard for Local Currency Payments was launched on 11 March 2019 and all Financial Institutions (Licensed Banks and Licensed Finance Companies), and Licensed Operators of Mobile Phone Based e-Money Systems who offer QR Code based payment solutions. Currently, LANKAQR is supported on Android and iOS devices.[1]
Overview
LANKAQR is a common Quick Response Code standard provided by financial institutions in Sri Lanka that facilitates digital payment using low cost, fast and secure methods for any business entrepreneur, especially small and medium enterprises. It allows a customer to download a mobile payment application with LANKAQR to their mobile phone and make payments directly using the customer's bank account. The payment is immediately credited to the businessman's bank account. LANKAQR printed stickers are provided free of charge by the member organizations of LANKAQR to display to the merchants at their place of business free of charge. To make a payment using LANKAQR, the customer will need to scan the LANKAQR code using a mobile payment application provided by the financial institution and the seller will receive an instant SMS confirming that the money has been credited to his account. [2]