National Savings Bank joined with the national program of promoting QR in urban as well as rural areas by launching this service in Kandy. In parallel to this program, best customers of the Bank in the Kandy region were felicitated.
The promotional programs held under this in several Districts has clearly contributed to popularize QR among the people. The number of customers who get registered with the QR system and the number of transactions carried out through the QR System is on increase daily. During the Covid-19 pandemic, using QR Codes became essential more than ever as a measure of minimizing the usage of notes and coins, where the virus can remain for hours.
As a solution to all such problems of using cash “Cash Wade” (Hassle of Cash) Program was implemented by the QR Community and considering the positive responses received by NSB Branches, the Bank has taken the initiative in organizing the Kandy District QR Promotional Program, “QR to Kandy” (“Nuwarata QR”), held recently in the City of Kandy,.
While the new inventions of the financial sector and new technological usages are popular among urban and young segments of the society, further assistance and guidance of the Ministry of Finance and CBSL is required to popularize this tendency among the rural segments as well.
Financial sector always goes hand in hand with the developments of Information Technology including Smart Technology. Present day people are quick to take the advantages of this combination and use technology to fulfill their day to day financial needs broadening the dimensions of payment systems.
The Barter System where other goods and services are exchanged for goods or services obtained was replaced by pieces of metal, called ‘money’ as a medium of payment and people started using physical money, i. e: notes and coins as a payment method for the goods or services obtained.
Quick Response Code or QR Code is yet another aspect of this evolution and was first used in a vehicle manufacturing and assembling factory in Japan as an online payment method. Today, this is used around the world as a convenient and safe way of making payments. The Central Bank of Sri Lanka (CBSL), has declared the year 2020 as the Year of Digital Transactions and often strives to come out with digital solutions for financial transactions in compliance with the international standards and incorporate new technology in to the same in a timely manner.
NSB, which stands tall among the giants of the financial sector with 20.9 million accounts, an asset base surpassing Rs. one Trillion and a deposit base, which exceeds Rs. one Trillion, always kept the new technology at the forefront and provides safe internet banking services as per the global standards and the guidelines of the Central Bank of Sri Lanka.