Cabinet Approves Fee-Free QR Payments to Accelerate Digital Economy 📈

The Government of Sri Lanka has greenlit a strategic initiative to waive all transaction fees for QR-based digital payments under Rs. 5,000, aiming to shift the national economy away from cash dominance. • Core Policy: Effective immediately for transactions below Rs. 5,000, no additional fees will be charged to either the sender or the recipient. This aligns with the 2026 Budget proposals to enhance financial transparency. • Current Market Status: Despite the availability of LankaQR across 20+ financial institutions, usage remains low. Data from Q3 2025 shows: • Total Transactions: 274,000 (approx. 90,000 per month). • Total Value: Rs. 1.18 Billion (approx. Rs. 390 Million per month). • Average Transaction Value: Under Rs. 5,000, highlighting its role in small-scale retail. • Economic Impact: The move targets Small Businesses and consumers to foster Financial Inclusion. By making low-value daily transactions "fee-free," the government expects to digitize the informal retail sector, which currently relies heavily on physical cash. • Strategic Goal: Submitted by President Anura Kumara Dissanayake as the Minister of Digital Economy, the program is a national priority to boost economic efficiency and secure, traceable financial ecosystems.