The payment industry in Sri Lanka is currently undergoing a rapid change due to the introduction of new payment instruments, methods and processes. Along with the traditional payment methods, these new payment processes have completely redefined the customer experience and enabled businesses and consumers to conduct their financial transactions safely and efficiently.

Currently Sri Lanka is facing social, economic and financial distress creating hardships to its people due to the long lasting impact of the COVID-19 pandemic, global political imbalances and macroeconomic imbalances of the country. Although the authorities are taking measures to address the above situation of the country, including taking steps to actively manage its debt obligations, finding immediate financial assistance from other nations and progressing at the discussions with the International Monetary Fund for a comprehensive programme, the positive impacts of such measures will benefit the people only in the medium to long term. Therefore, urgent measures are needed to enhance the foreign reserve position of the country to meet its day-to-day essential imports including food, fuel and medicine.