Central Bank Highlights Cost of ATMs as Sri Lanka Pushes for Digital Payments

The Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, has said that providing cash transaction services through ATMs imposes a significant cost on the banking system.

He made the remarks during a special discussion between President Anura Kumara Dissanayake and heads of banks and financial institutions, following the launch of the National QR Payment Promotion Initiative, held today (06) at the Presidential Secretariat, according to the President’s Media Division.

President Dissanayake highlighted the crucial role of banks and financial institutions in ensuring the success of the initiative, which marks a milestone in Sri Lanka’s digital transformation. He also discussed ways the banking system could make digital transactions more convenient and appealing to the public.

Dr. Weerasinghe noted that transitioning to digital payment methods would reduce the costs associated with cash transactions while providing a more efficient, secure, and reliable system for the public.

Representing the banking sector, Y. A. Jayathilaka, Acting General Manager and CEO of the Bank of Ceylon, said efforts are already underway to encourage public adoption of digital platforms. He affirmed that the banking system would fully support the government’s initiative and help steer the country toward a digital economy.

The meeting was attended by senior officials, including Deputy Minister of Digital Economy Eranga Weeraratne, Senior Presidential Adviser on the Digital Economy Dr. Hans Wijayasuriya, Secretary to the Ministry of Finance Dr. Harshana Suriyapperuma, Secretary to the Ministry of Digital Economy Varuna Sri Dhanapala, and Senior Additional Secretary to the President Russell Aponsu.

Bank representatives present included Professor Narada Fernando (People’s Bank), Kavinda de Soysa (Bank of Ceylon), Sharhan Muhseen (Commercial Bank), Sanjaya Gunawardena (Sampath Bank), and Damith Pallewatte (Hatton National Bank), along with other state and private banking leaders.