Payment News

QR Code Rollout in Sri Lanka

The Central Bank of Sri Lanka introduced a national QR code standard for local currency payments in July 2019. Known as LankaQR, 24 payment apps from 21 financial institutions have now been certified for use with the system. The central bank has begun a nationwide rollout of the LankaQR payment system.

Using LankaQR, consumers can pay for things directly from their bank accounts by scanning a QR code using a mobile device through a payment app. There is no charge to consumers to use LankaQR.

An ABC of Protecting Against Debit Card Fraud

The reasons for the rise in debit card fraud are varied. They range from the growth in online payments, where fraud is more easily committed, to criminals innovating faster than the issuers, acquirers and consumers. Alongside stealing the card directly from the consumer or intercepting the consumer’s mail, criminals have added card skimmer devices attached to ATMs to create a counterfeit card. The card is then used at the point-of-sale (POS) or ATM.