Sri Lanka launches program to digitize all Government payments

The Ministry of Digital Economy in Sri Lanka has launched a special program to promote digital payments across the country.

Deputy Minister Eranga Weeraratne revealed that handling transactions using physical cash costs Sri Lanka approximately 1% to 1.5% of its annual Gross Domestic Product (GDP).

He further explained that cash-based payments contribute to increased fraud and corruption, as well as inefficiencies in transaction processes.

To address these challenges, the government of Sri Lanka plans to digitize all payments made to state institutions.

The initiative will be facilitated through the GOVPAY application, which currently connects 16 state institutions.

By January 2025, additional state institutions are expected to be integrated into the platform, enabling the complete digitization of government payments.

Deputy Minister Weeraratne emphasized that this move will enhance operational efficiency, reduce manual labor and curb irregularities and corruption.

Furthermore, the promotion of digital payments will provide the public with more convenient and reliable services.