Regulatory Alerts2019-10-30 | Circular No. 02 of 2019 - Addendum 1Added · Updated
Establishment of a National Quick Response Code Standard for Local Payments - Addendum 1
The Central Bank of Sri Lanka issued Addendum 1 to Circular No. 02 of 2019 to regulate Merchant Discount Rates and surcharges for LANKAQR transactions effective January 1, 2020. The directive prohibits Merchant Discount Rates for fuel purchases and government entity payments while capping general transaction fees at 0.5% and mandating the exclusive use of the LANKAQR standard by eliminating proprietary QR codes. It further specifies detailed fee distribution structures among stakeholders and allows issuers and merchant acquirers discretion in absorbing or levying specific surcharges and fees.
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