Digital transaction systems need to reach the villages to build public trust - CBSL Governor

The Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, has emphasized the importance of extending digital transaction infrastructure to rural communities and actively promoting its usage among the general public.

He made these remarks while addressing a digital transaction promotion event organized by the CBSL, held at the Dambulla Economic Center yesterday (01 August).

Speaking at the event, Dr. Weerasinghe noted that while the infrastructure required for digital transactions—such as online banking, QR code payments, and platforms like GovPay for government services—is already in place, actual usage remains significantly low, especially outside the Western Province.

“Many people, particularly in rural areas, continue to rely on cash transactions—notes and coins—which they perceive as more convenient. However, when examined closely, cash transactions entail additional time and costs for both businesses and consumers,” the Governor said.

He further stated that financial institutions and banks have a crucial role to play in promoting and facilitating digital payment systems.

“It is not enough to simply promote these services at events. These systems need to reach the villages in order to build public trust. There remains an unfounded fear regarding taxation associated with digital payments,” he added.

He further remarked that if an individual is liable for taxation, they will be subject to it whether the transaction is made in cash or digitally. “No one can avoid that,” he added.