Mastercard today announced its support for the Central Bank of Sri Lanka’s (CBSL) ‘Cash Wade’ campaign which aims to increase the adoption of digital transactions in Sri Lanka.

The global technology company is set to embark on several initiatives aimed at encouraging consumers and businesses around Sri Lanka to enjoy the convenience and security offered by its digital payments solutions.

As part of this endeavor, Mastercard has launched a cashback rewards promotion on utility bill payments. Cardholders can avail a cashback of Rs.250 on payments of Rs.1,000 and above to utility service providers such as Ceylon Electricity Board (CEB) and Sri Lanka Telecom as well as other select partners. The offer is applicable to all payments made on the partner merchant’s website or mobile app using any Mastercard debit or credit card issued in Sri Lanka.

Commenting on this, D. Kumaratunge, Director - Payments and Settlements, Central Bank of Sri Lanka said, “Having declared 2020 as the ‘Year of Digital Transactions,’ we launched the ‘Cash Wade’ campaign earlier this year to highlight the issues related to using cash and the benefits of switching over to digital payments. We welcome Mastercard, a company that has been driving the adoption of digital payments in Sri Lanka and around the world, onboard this campaign. Partnerships such as this will allow us to take our message to more Sri Lankans.”

“With a shared conviction in the potential for technology, and digital payments in particular, to drive economic growth and prosperity for Sri Lanka’s people and businesses, Mastercard is delighted to expand our partnership with the Central Bank and to bring the company’s deep resources and expertise to support the ‘Cash Wade’ campaign to drive adoption of digital payments nationwide,” said Rajesh Mani, Country Manager, Sri Lanka & Maldives, Mastercard. “Mastercard remains steadfastly committed to supporting Sri Lanka’s post-pandemic recovery and growth and looks forward to continuing its work with the Central Bank and every partner in the ecosystem.”

Mastercard has been actively engaging with local partners banks, non-banking financial institutions, mobile networks, fintechs and merchants to roll out solutions for the Sri Lanka market. This includes powering simpler QR payments through Mastercard QR enabled Lanka QR, enabling cross-border, person-to-person money transfers via Mastercard Send, enabling more SMEs to go online with Mastercard Payment Gateway Services (MPGS), the Simplify Commerce solution and more.