Regulatory Alerts2024-12-20 | Addendum 5 - Circular No. 02 of 2019Addendum 5 to Circular No. 02 of 2019: Establishment of a National Quick Response Code Standard for Local Payments
The Central Bank of Sri Lanka issued Addendum 5 to revise the fee structure and transaction limits for the LANKAQR national Quick Response Code standard. The directive caps the maximum Merchant Discount Rate at 1% and sets transaction limits between LKR 1 and LKR 500,000 per code. These revised financial parameters become effective on 1 January 2025 for all licensed banks, financial companies, and mobile e-money operators.
f.ùï iy mshùï fomd¾;fïka;=j nfhLg;gdTfs;> jPh;g ;gdTfs; jpizf;fsk; Payments and Settlements Department 8 jk uy," wxl 30" ckdêm;s udj;" 8 Mk; khb> ,y. 30 rdhjpgjp khtj ;ij nfhOk;G 1 Level 8, No. 30, Janadhipathi Mawatha, Colombo 1 ;e ' fm ' 590" fld<U 01" Ys% ,xldj j. ng. ,y. 590> nfhOk;G 01> ,yq;if P . O. Box. 590, Colombo 01, Sri Lanka. 94 11 2477042 94 11 2387009 psd@cbsl.lk www.cbsl.gov.lk Ref: 34/01/025/0038/005 20 December 2024 To: Chief Executive Officers of All Licensed Banks, Licensed Financial Companies and Licensed Operators of Mobile Phone Based e-Money Systems Addendum 5 – Circular No. 02 of 2019 - Establishment of a National Quick Response Code Standard for Local Payments This is with reference to Circular No. 02 – Establishment of a National Quick Response Code Standard for Local Payments issued on 11.03.2019, its Addendum 1 issued on 30.10.2019, Addendum 2 issued on 27.11.2020, Addendum 3 issued on 10.06.2021 and Addendum 4 issued on 27.12.2021. This document shall be read together with the above Circular and Addendums. 2. Revision of Fees and Charges: 2.1 Addendum 4 shall be in effect until 31 December 2024. 2.2 The maximum Merchant Discount Rate (MDR) of LANKAQR shall be 1% of the transaction amount. The distribution of MDR between all stakeholders i.e., Merchant Acquirers, Transaction Acquirers, Issuers and LankaPay (Pvt) Ltd, remains the same as outlined in Table 1 of Payment and Settlement Systems Circular No. 02 of 2019. 3. Revision of Transaction Limits: 3.1 The maximum transaction limit per LANKAQR code transactions shall be LKR 500,000/=. 3.2 The minimum transaction limit per LANKAQR code transactions shall be LKR 1/=. 4. Effective Date: The above 2.2, 3.1 and 3.2 shall be effective from 01 January 2025. K V K Alwis Director Payments and Settlements