Digital payment system to replace cash in govt. institutions

30 December 2024 12:37 am Views - {{hitsCtrl.values.hits}} 1 Bookmark

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16 government institutions already connected to ‘GovPay’ platform
Other institutions are expected to be linked in January 2025

Plans for a digital payment surge in the public sector are underway with the Ministry of Digital Economy recently announcing a new programme to digitise all payments made to government institutions.

As cash transactions cost the country approximately 1.5 percent of the annual Gross Domestic Product (GDP), Deputy Minister of Digital Economy Eranga Weeraratne highlighted that it is time digital payments are promoted in the country.

Furthermore, he pointed out that cash payments often lead to an increase in fraud, corruption and inefficiencies in payment processes.

Accordingly, the new programme has been launched via a platform titled ‘GovPay’ that integrates with any API platform of government institutions.

“Facilities have been provided to 16 government institutions already connected. Other institutions are expected to be linked to the application in January 2025,” the Ministry of Digital Economy shared on social media.

The programme is also aimed at reducing manual labour and providing more convenient services to the public, according to the ministry.

Comments - 1

noff Monday, 30 December 2024 09:53 AM

To All -CBSL to Monitor to regulate a law for Online loan providers as they Register under Pvt Ltd software companies with foreign connection and do financial business in large scale for years and lend money through web app on Exorbitant interest Rate of 35% to 65% per month, to avoid CBSL and Income Tax Dep ,Plus( if delay in due date another 10% per every 10days plus 2.2% daily Interest added to total Loan it will be 300%),such ,Loan Mafia companies are Fino.lk ,Loanme.lk , Fastrupee.lk, , Cash X.lk , Lotus Loan.lk, onCredi.lk. Loan Plus.lk, and its a Daylight robbery of innocent customers hard earned monies and it’s a debt trap, as bank interest rate is less that 3% per month. CBSL to Bring a law to recover the Exorbitant interest Paid by innocent customers in the Past and to return the excess paid interest to customers from the above Online lenders. and to Pass in Parliament ,CBSL Drafted Microfinance and Credit Regulatory Authority Act

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