By: Staff Writer
May 11, Colombo (LNW): In a significant step toward strengthening Sri Lanka’s digital infrastructure, Mastercard and LankaPay have announced a strategic partnership aimed at expanding card issuance, improving digital payment adoption, and enhancing transaction security across the country.
The collaboration was officially unveiled at a high-profile event attended by senior executives from Mastercard and LankaPay, as well as representatives from top banks and fintech firms. The joint effort focuses on three core solutions: a co-branded debit card to promote financial inclusion, a low-cost QR payment system for tourists through Mastercard Pay Local, and Brighterion AI for real-time fraud detection.
The Mastercard-LankaPay co-branded debit card is designed to offer added value to consumers through a unified digital platform called Priceless Specials, providing exclusive offers. Cardholders will also gain access to Mastercard’s global Travel and Lifestyle Services, including concierge support and travel deals. Issuing banks can seamlessly incorporate the card into their existing systems, supporting Sri Lanka’s broader goals for digital transformation and increased customer engagement.
A key highlight of the partnership is the Mastercard Pay Local feature, which will enable inbound tourists to link their existing cards to the LankaPay app, allowing payments at over 400,000 LankaQR-enabled merchants. This will not only make spending easier for visitors but also encourage the digital transition of small and medium enterprises (SMEs), helping formalize tourism revenues and boost foreign exchange inflow.
To address growing concerns around cybersecurity, Mastercard’s Brighterion AI technology will be integrated into the LankaPay network. This cutting-edge solution uses real-time intelligence to assess fraud risk by analyzing complex data sets. With adaptive algorithms, Brighterion delivers fraud detection and risk scoring in real time, ensuring secure ATM and account-to-account transactions. This marks a first-of-its-kind AI-driven security layer within Sri Lanka’s payment ecosystem.
Speaking on the initiative, Sandun Hapugoda, Mastercard’s Country Manager for Sri Lanka and Maldives, emphasized the collaboration’s alignment with the nation’s digitization agenda, stating, “This three-fold approach will enhance accessibility, security, and innovation in Sri Lanka’s financial landscape.”
Echoing this sentiment, LankaPay CEO Channa de Silva noted the partnership’s long-term impact, saying, “This milestone is part of our ongoing mission to promote financial inclusivity. It not only strengthens the financial sector through improved security and value but also supports the tourism industry by simplifying payment experiences for travelers.”
The Mastercard-LankaPay alliance represents a significant leap forward in building a more secure, inclusive, and globally integrated digital economy for Sri Lanka.”
