Regulatory Alerts2021-06-10 | Ref: 34/01/025/0038/003Addendum 3 - Circular No. 02 of 2019 Establishment of a National Quick Response Code Standard for Local Payments
The Director of Payments and Settlements issued Addendum 3 to Circular No. 02 of 2019 to extend the reduced Merchant Discount Rate for LANKAQR transactions. This directive mandates that the maximum MDR charge remains at 0.5% for the period from July 1, 2021, to December 31, 2021. The extension applies to all licensed banks, financial companies, and mobile e-money operators subject to the original national QR code standard.
Ref: 34/01/025/0038/003 10 June 2021 To: Chief Executive Officers of All Licensed Banks, Licensed Financial Companies and Licensed Operators of Mobile Phone Based e-Money Systems Addendum 3 - Circular No. 02 of 2019 Establishment of a National Quick Response Code Standard for Local Payments Reference is made to Circular No. 02 of 2019 - Establishment of a National Quick Response Code Standard for Local Payments issued on 11.03.2019, its Addendum 1 issued on 30.10.2019 and Addendum 2 issued on 27.11.2020. This document shall be read together with the above Circular and Addendums. The reduction of MDR charges from 1% to 0.5% of the transaction amount, for the period beginning 01.01.2020 and ending 30.06.2021, shall be extended further for a period of six months for LANKAQR initiated transactions. Accordingly, the maximum MDR charges shall remain at 0.5% for the period beginning 01.07.2021 and ending in 31.12.2021. Yours sincerely, D Kumaratunge Director/Payments and Settlements