Mastercard and LankaPay have partnered to accelerate Sri Lanka’s digital economy through three key initiatives:
Co-branded Debit Cards: Enhance financial inclusion with exclusive offers (Priceless Specials) and global travel services, easily integrated by local banks to align with government digital goals.
Low-Cost QR Payments (Pay Local): Enables tourists to link international cards to the LankaPay app for instant, home-currency payments at 400,000+ merchants, aiding SMEs and formalizing tourism revenue.
AI-Powered Security (Brighterion): Real-time fraud detection via advanced algorithms, securing ATM/account transfers, a first in Sri Lanka to mitigate risks while maintaining user experience.
The collaboration aims to boost accessibility, security, and innovation in Sri Lanka’s digital economy, supporting financial inclusion, SME growth, and tourism-driven foreign exchange. Executives highlighted its role in advancing digitization and economic resilience.
Source: https://island.lk/mastercard-lankapay-accelerate-sri-lankas-digital-economy/
