The Central Bank of Sri Lanka (CBSL) has taken up the position to encourage electronic payments among the consumers of financial services considering the efficiency, relatively lower cost, safety and the possibility to use in a wider range of transaction situations. Mobile phone based payment applications are explored by the financial industry, as an option to provide electronic payment services in Sri Lanka, due to the rapid growth in the number of mobile phone subscribers. In fact, few banks have already commenced providing the banking services to their customers through mobile phones. Owing to the precautions that need to be taken particularly on the security of such financial transactions, the CBSL have issued this set of guidelines to be adopted by licensed commercial banks.
- Country Focus
- Legal Library