July 31, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has unveiled an ambitious initiative to increase the country’s volume of daily digital transactions by nearly one-third, as part of a broader effort to modernise payment systems and encourage greater financial inclusion through digital means.
Speaking on behalf of the bank’s Payments and Settlements Department, Director K.V.K. Alwis confirmed that a series of public engagement and education campaigns will be launched across key urban centres throughout the island.
These efforts are designed to familiarise citizens and businesses with the benefits and mechanics of digital financial tools.
Digital payments, as defined by the Central Bank, encompass a wide range of electronic transactions, including internet banking, mobile banking services, and card-based purchases using debit or credit cards.
The existing daily transaction volume—already surpassing 1.65 million—reflects the increasing shift among consumers and merchants toward cashless modes of payment.
However, officials believe there is significant untapped potential in the market. With the planned awareness drive, the Central Bank hopes to push daily digital payment volumes to approximately 2.15 million transactions—a targeted growth of around 30 per cent.
