By: Isuru Parakrama
December 27, Colombo (LNW): The Ministry of Digital Economy has unveiled an ambitious initiative aimed at accelerating the adoption of digital payment systems across Sri Lanka.
This new programme seeks to shift away from traditional cash transactions in favour of more efficient, secure, and transparent digital methods.
Deputy Minister Eranga Weeraratne highlighted the significant economic burden of cash transactions, noting that they account for approximately 1.5 per cent of the country’s annual Gross Domestic Product (GDP).
He also pointed out that the reliance on cash not only hinders economic efficiency but also creates opportunities for fraud and corruption, exacerbating problems with payment processing and transparency.
Under the new scheme, all payments to government institutions are set to be transitioned to digital platforms.
To facilitate this, the Ministry has introduced the GovPay application, which is already integrated with 16 government entities.
Weeraratne confirmed that additional government departments and services are scheduled to join the system in January 2025, with the aim of fully digitising all government payments in the near future.
The move to digital payments is expected to significantly enhance the efficiency and accountability of public sector transactions, eliminating the manual processing of payments and reducing the potential for errors and corruption.
Furthermore, the switch to digital platforms will improve convenience for the public, offering faster and more secure payment options for a wide range of government services.
Deputy Minister Weeraratne emphasised that this digital shift would not only streamline administrative processes but also foster a more transparent and efficient governance structure, benefiting both citizens and the wider economy.
The government is optimistic that the initiative will encourage greater financial inclusion, reduce the operational costs associated with handling cash, and contribute to the modernisation of Sri Lanka’s economy.
