Sri Lanka has launched GovPay, a brand new on-line cost platform designed to streamline digital transactions for presidency companies.
GovPay was developed by the Info and Communication Know-how Company (ICTA) and LankaPay underneath the oversight of the Central Financial institution of Sri Lanka (CBSL), with assist from the Ministry of Digital Financial system.
The platform goals to modernise income assortment, enhance transparency, and improve digital governance.
GovPay permits residents and companies to make safe funds for taxes, fines, utility payments, academic charges, and different government-related transactions through banks and digital wallets.
The platform initially integrates 16 authorities establishments, with plans to develop in two phases, including 30 extra by April 2025.
Twelve industrial banks, together with Financial institution of Ceylon, Cargills Financial institution, Business Financial institution, DFCC Financial institution, Hatton Nationwide Financial institution, Nationwide Financial savings Financial institution, NDB Financial institution, NTB Financial institution, Pan Asia Financial institution, Peoples Financial institution, Sampath Financial institution, and Seylan Financial institution, have joined GovPay to facilitate funds.
Fintech functions corresponding to HelaPay and iPay are additionally built-in, increasing digital cost choices.
The initiative seeks to streamline monetary transactions, scale back money dealing with, and improve cybersecurity whereas enhancing effectivity and minimising fraud dangers in authorities funds.
The long-term objective is to unify all authorities establishments underneath the platform.
Featured picture credit score: Edited from Freepik
