Regulatory Alerts2024-01-17 | Circular No. 1 of 2024Facilitating Safer and More Secure Transactions via Mobile Payment Applications
The Central Bank of Sri Lanka issued Circular No. 01 of 2024 to mandate enhanced security measures for mobile payment applications under the Payment and Settlement Systems Act. The regulation requires all mobile payment apps to request a One-Time Password sent to the registered mobile number for JustPay transactions equal to or exceeding Rs. 10,000. These additional safeguards are effective from 01 April 2024 and supplement existing compliance standards.
Share