Regulatory Alerts2018-10-09 | Payment and Settlement System Circular No 6 of 2018Establishment of a National Quick Response Code Standard for Local Currency Payments
The Central Bank of Sri Lanka issued Circular No. 06 of 2018 to mandate the adoption of the LANKAQR national QR code standard for local currency payments by all licensed banks, finance companies, and mobile e-money operators. The regulation requires compliance within six months and establishes LankaClear as the network facilitator while prohibiting consumer charges and capping merchant discount rates to encourage widespread adoption. It further defines technical specifications based on EMV standards, sets transaction limits, and mandates real-time transaction notifications for both customers and merchants.
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