Around 99% of transactions in Sri Lanka are still made in cash, as Rs. 6.3 trillion cash-based transactions were made in the fourth quarter of 2025, while QR-based transactions remained below Rs. 400,000, said Minister of Digital Economy Eng. Eranga Weeraratne speaking at the National Payment Adoption Launch Programme yesterday (6) under the patronage of President Anura Kumara Dissanayake.

“Sri Lanka has been able to establish advanced digital facilities so far. However, 99% of transactions are made by cash payments and not by QR method. Total transactions within the country made by cash are Rs. 6.3 trillion and transactions made through QR are below 400,000,” Weeraratne said.

Yesterday, Sri Lanka implemented its National QR Payment System (LankaQR) to improve digital P2P (Person-to-Person) and P2M (Person-to-Merchant) facilities.

The Minister explained that QR-based transactions can be conducted directly through an individual’s personal banking app for both P2P money transfers and P2M goods purchases. However, he noted that a baseline count is needed to moderate the system effectively.

“The target is to have 125 customers and 125 traders,” he said.

The Central Bank of Sri Lanka, along with other financial banks and related companies, has agreed to establish a well-developed and efficient digitalised economy within the next three months, providing the ability to transfer any amount of funds instantly through the QR system, Weeraratne mentioned.

CBSL Governor Dr. P. Nandalal Weerasinghe called the initiative “an easy option to access daily expenses”, describing it as a notable advancement in easing complicated payment processes.

President Dissanayake set a broader vision, stating that “Sri Lanka has a target of $ 15 billion towards the advancement of the digital economy” through sector-wide digitalisation. He urged officials to provide the necessary impetus for society to embrace efficient practices like QR systems as a standard transaction method.