NSB Enables A Cashless Society With QR Code Banking In Collaboration With Lanka QR

Globally recognised quick response (QR) code banking is the next step in the evolutionary journey of banking and finance institutions in this technologically advanced world, heralding the age of a cashless society.

In contrast to a traditional transaction involving the exchange of cash or equivalents for the purchase of goods and services by a customer, QR code banking dispenses with the entire physical wallet in favor of a smartphone with a QR-enabled digital payment application, where payments for any goods or services simply entails scanning a QR code and paying funds.

By way of the digitalisation roadmap of the Central Bank of Sri Lanka (CBSL), the ‘Rata Purama LANKA QR’ islandwide campaign launched in collaboration with the member institutions, QR-based payments are fast becoming the norm in trade settlements.