Regulatory Alerts2019-03-11 | Payment and Settlement System Circular No. 2 of 2019Establishment of a National Quick Response Code Standard for Local Currency Payments
The Central Bank of Sri Lanka issued Circular No. 02 of 2019 to establish the LANKAQR standard, mandating that all licensed financial institutions and e-money operators conform to these specifications within two months. The regulation prohibits charging customers for transactions while allowing merchants to pay Merchant Discount Rates, which are distributed among acquirers, issuers, and the network facilitator LankaClear. LankaClear is designated as the primary network facilitator responsible for routing transactions and issuing operational guidelines to ensure interoperability and security across the payment ecosystem.
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