Weerasinghe: Sri Lanka targets less-cash economy by 2027
Dr P Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, outlined a National Payment System Roadmap for 2026-2027. He emphasized transforming Sri Lanka into a less-cash economy through secure, efficient, and inclusive digital payments.
Milestones in digital adoption
The financial sector in Sri Lanka has achieved significant success in driving digital payments adoption, visible across individuals, businesses, and government.
Key milestones include the successful 2025 roll-out of the GovPay platform, a collaboration between the government, Central Bank, financial institutions, and LankaPay.
GovPay efficiently accepts digital payments for public services, enhancing government revenue collection efficiency and transparency during the economic recovery.
Furthermore, increasing cross-border connectivity with foreign payment systems, such as China and India using LANKAQR, provides seamless payment experiences for visitors and improves the robustness of the national payment system.
The Central Bank's nationwide Digital Payments Promotion Campaigns, themed 'Shaping the Future through Digital Payments,' have also raised awareness and enabled public experience of digital convenience in regions like Hambantota and Nuwara Eliya.
Charting a less-cash future
Looking ahead, the Central Bank of Sri Lanka has developed a National Payment System Roadmap for 2026-2027.
This roadmap envisions transforming Sri Lanka into a less-cash economy, fostering financial well-being through a secure, efficient, inclusive, and globally connected national payment system.
The roadmap is structured around six key pillars with various action items, requiring the full support of all stakeholders.
To popularise digital payments, financial institutions must secure public trust by improving safety, security, and user-friendliness of their platforms.
The Central Bank frequently introduces regulatory measures to enhance these aspects, ensuring the provision of safe and efficient services.
Ambitious vision, critical execution
Sri Lanka's digital payment journey shows strong momentum, driven by strategic initiatives and a clear roadmap for a less-cash future.
The emphasis on inclusivity and cross-border integration positions the nation as a potential regional leader in payment innovation.
However, sustained success will critically depend on robust regulatory compliance and continuous stakeholder collaboration to build and maintain public trust.