The number of transactions performed through LANKA QR nearly doubled in 2023 while the value of these transactions grew by 71.3% to Rs.3.4 billion.
In 2023, LANKA QR facilitated 1,141,000 transactions compared to 599,000 transactions recorded in 2022, and 333,000 transactions were performed in the fourth quarter of 2023.
The number of merchants registered with LANKA QR rose by nearly 11 percent to 388,257 merchants in 2023, compared to 350,031 merchants in the previous year.
Quick Response (QR) code-based payment solutions enable customers to make payments by scanning QR code of the merchant. The Central Bank of Sri Lanka (CBSL) issued an EMV QR code standard, titled LANKAQR Specifications, to promote customer convenience, and security and ensure interoperability of different payment mechanisms and instruments through the Payment and Settlement Systems Circular No. 06 of 2018 on Establishment of a National Quick Response Code Standard for Local Currency Payments.
LANKAQR-enabled apps which are linked to a bank account or a payment card can be used to make fund transfers to the merchant in real time. LANKAQR on-us transactions (intra-bank transactions) are settled within the institution while off-us transactions (inter-bank transactions) are settled through CEFTS.
The Merchant Discount Rate (MDR) for LANKAQR transactions is 0.5% and the maximum transaction limit is Rs. 200,000.00. There are two types of LANKAQR codes: static and dynamic.