Sri Lanka Targets Cashless Economy with Rs. 25.5 Bn Digital Drive 📈

President Anura Kumara Dissanayake has prioritized the formalization of the economy through a massive digital overhaul scheduled for 2026. • Financial Allocation: The 2026 Budget has earmarked Rs. 25.5 Billion to foster the digital economy, focusing on infrastructure and cashless integration. • Digital Infrastructure: Key projects include the scaling of GovPay for government transactions, upgrades to national cloud systems, and the accelerated rollout of the Sri Lanka Unique Digital Identity (SL-UDI). • Cashless Transition: From January 2026, service charges on government e-payments will be waived to incentivize QR-based and electronic transactions. This includes a new system for digitalizing traffic spot fines. • Economic Formalization: A central goal is shifting rural informal economic activity into formal systems to improve national development planning and data accuracy. • Emerging Tech & Connectivity: Funding is specifically allocated to attract investment in Data Centres, Artificial Intelligence (AI), and high-speed broadband expansion across the island. • Institutional Oversight: Progress is being monitored across the TRC, Sri Lanka CERT, and the Data Protection Authority to ensure a secure digital governance framework. _Source: Presidential Media Division (Provisional 2026 Budget plans)_