Deputy Minister Eranga Weeraratne highlighted that cash transactions currently cost approximately 1.5% of the annual Gross Domestic Product (GDP). He further noted that cash-based payments contribute to increased fraud, corruption, and inefficiencies in payment systems.
As part of the initiative, all payments to government institutions will be transitioned to digital platforms. The GovPay app has already facilitated this process, with 16 government institutions currently integrated into the system. Additional institutions are expected to join by January 2025.
The Deputy Minister emphasized that the shift to digital payments will enhance overall system efficiency while reducing manual labor, curbing corruption, and providing citizens with more convenient services.
This move is expected to revolutionize government transactions, streamline operations, and foster a more transparent and efficient economy.
