back Back

Mastercard supports expansion of digital transactions in Sri Lanka

By Edil Corneille

September 23, 2020

Share

MastercardToday, Mastercard announced its support for the Central Bank of Sri Lanka’s (CBSL) ‘Cash Wade’ campaign which aims to increase the adoption of digital transactions in Sri Lanka. The global technology company is set to embark on several initiatives aimed at encouraging consumers and businesses to enjoy the convenience and security offered by its digital payments solutions.

D. Kumaratunge, Director – Payments and Settlements, Central Bank of Sri Lanka enunciated, “Having declared 2020 as the ‘Year of Digital Transactions,’ we launched the ‘Cash Wade’ campaign earlier this year to highlight the issues related to using cash and the benefits of switching over to digital payments. We welcome Mastercard, a company that has been driving the adoption of digital payments in Sri Lanka and around the world, onboard this campaign. Partnerships such as this will allow us to take our message to more Sri Lankans.”

As part of this endeavour, Mastercard has launched a cashback rewards promotion on utility bill payments. Cardholders can avail a cashback of Rs. 250 on payments of Rs. 1,000 and above to utility service providers such as Ceylon Electricity Board (CEB) and Sri Lanka Telecom as well as other select partners. The offer is applicable to all payments made on the partner merchant’s website or mobile app using any Mastercard debit or credit card issued in Sri Lanka.

“With a shared conviction in the potential for technology, and digital payments in particular, to drive economic growth and prosperity for Sri Lanka’s people and businesses, Mastercard is delighted to expand our partnership with the Central Bank and to bring the company’s deep resources and expertise to support the ‘Cash Wade’ campaign to drive adoption of digital payments nationwide,” Rajesh Mani, Country Manager, Sri Lanka & Maldives, Mastercard elucidated. “Mastercard remains steadfastly committed to supporting Sri Lanka’s post-pandemic recovery and growth and looks forward to continuing its work with the Central Bank and every partner in the ecosystem.”

Mastercard has apprised that it has been actively engaging with local partners banks, non-banking financial institutions, mobile networks, FinTechs and merchants to roll out solutions for the Sri Lanka market. This includes powering simpler QR payments through Mastercard QR enabled Lanka QR, enabling cross-border, person-to-person money transfers via Mastercard Send, enabling more SMEs to go online with Mastercard Payment Gateway Services (MPGS), the Simplify Commerce solution and more.

Previous Article

September 23, 2020

Matrix appoints Justin Wolfe as its Chief Technology Officer

Read More
Next Article

September 23, 2020

Goldman Sachs & Volante partner to launch Digital Transaction Banking in the cloud 

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 29, 2024

Afin Bank and Thought Machine launch digital bank for Africans in the UK

Read More

October 22, 2024

Tuum partners with Google Cloud to deliver core banking in EMEA

Read More

October 17, 2024

Stress and Mortgages: Are UK Banks Failing Homebuyers?

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More