Payments to all state institutions in Sri Lanka are set to be fully digitized through a digital platform by the end of January, according to a statement from the Ministry of Digital Economy.
Deputy Minister of Digital Economy, Eranga Weeraratne, announced that a pilot project has been launched to digitize payments to state institutions. The program has been effective, enabling payments to 16 state institutions through an application called Gov Pay.
This initiative aims to prevent corruption, fraud, irregularities, and other issues related to state funds while offering a more convenient and efficient service to the public.
The Deputy Minister also noted that transactions using physical currency cost the economy between 1% and 1.2% of the gross domestic product annually.
