CBSL Highlights Massive Growth in Digital Payments

COLOMBO (News 1st); Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, says the use of digital payments has expanded rapidly across the Sri Lankan economy, with individuals, businesses, and the government increasingly adopting digital methods for day-to-day transactions.

According to central bank statistics cited by Dr. Weerasinghe, digital payment usage has recorded significant growth over the past few years, cutting across all segments of society.

This growth includes individuals of all age groups, from youth to the elderly, as well as businesses of all sizes, ranging from micro-enterprises to large conglomerates.

Dr. Weerasinghe noted that the rollout of the GovPay platform in 2025 came at a critical moment, as Sri Lanka was emerging from a period of economic crisis and moving into recovery. He said the expansion of digital payment options during this period strengthened the national payment system by offering greater flexibility and convenience to both consumers and merchants.

“Having more options to make digital payments improves the robustness of our national payment system,” he said, adding that this also contributes to enhancing Sri Lanka’s standing within the global payment system landscape.

Looking ahead, Dr. Weerasinghe said the next few years would be crucial for advancing the country’s national payment systems, building on the strong foundation and infrastructure already developed. For this purpose, he said the Central Bank has formulated a national payment system roadmap covering the years 2026 and 2027. Through this roadmap, the Central Bank aims to transform Sri Lanka into a less-cash economy while enhancing the financial well-being of the public through the development of a national payment system that is secure, efficient, inclusive, and globally connected.

As digital payments continue to be promoted across the country, Dr. Weerasinghe stressed that maintaining public trust will be critical. He said financial institutions must prioritise safety, security, and the quality of user experience in their platforms and services in order to sustain confidence in digital payment systems.

He underscored that trust, payment safety, and security are essential elements of a well-functioning payment ecosystem, noting that the way platforms are designed and rendered is also an important factor recognised and supported by users.

The CBSL Governor said the Central Bank regularly introduces regulatory measures aimed at strengthening safety, security, and efficiency within the national payment system. He added that proper and timely compliance with these regulatory requirements by financial institutions would ensure the continued provision of secure and efficient payment platforms and services. Such compliance, Dr. Weerasinghe said, would further strengthen public trust in Sri Lanka’s national payment system and reinforce confidence in the broader financial system of the country.