CEFTS transactions reach Rs 450B in 1Q’20
By Ishara Gamage
Payments initiated from Common Electronic Fund Transfer Switch (CEFTS) have shown a growth of 75.1 per cent and 60.3 per cent in volume and values respectively when comparing the first quarter 2020 with the first quarter 2019, the director of the Payments and Settlements Department of Central Bank of Sri Lanka (CBSL), D. Kumaratunge said.
Addressing a Webinar organised by the Lanka Training and Education Academy Guarantee Limited, he said that the total value of transactions during the first quarter 2020 on CEFTS was Rs 450.9 billion.
“The maximum limit of a CEFTS transfer is Rs 5 million. Therefore, we can see the increased popularity of CEFTS amongst Sri Lankan for retail payments in first quarter 2020,” he said.
Since more than 23 million Debit Cards 1.8 million Credit cards have been issued in Sri Lanka at present, CBSL urges the public to use payment cards every time you purchase goods and services.
“Generally, when we consider paying with payment cards, this requires the merchant to have a POC machine. However, POC machines are relatively expensive, which makes them unaffordable for small businesses,” he said.
To address this issue, the Central Bank of Sri Lanka (CBSL) introduced LankaQR to enable QR Code-based payments in 2018. This aims to encourage small businesses to transact digitally.
QR code-based payments do not require any particular machine, and the payment can be made by card or directly from your bank account via a printed QR code. This brings down the cost substantially. Therefore, we invite all small businesses to join QR code-based payment methods. You can get more information from your bank.
The QR Code Payment System enables unbanked population of the country to be included in the financial system, thus increasing the financial inclusion.