Govt. mulls ending extra charges on debit and credit card payments

21 September 2025 02:57 pm Views - {{hitsCtrl.values.hits}} 13 Bookmark

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Colombo, Sept. 21 (Daily Mirror) - The Ministry of Digital Economy said that steps are underway to abolish additional charges imposed on debit and credit card payments.

According to the Ministry, preliminary discussions have been held with the Ministry of Finance, the Central Bank of Sri Lanka (CBSL), and the Inland Revenue Department (IRD) to examine the proposal and its financial implications.

The talks also focused on exploring mechanisms to offset the losses currently borne by consumers when using cards for transactions.

The Ministry further said that, as part of Sri Lanka’s push toward a cashless society, all transactions will gradually transition to QR code–based mobile payments in the future.

Comments - 13

melville perera Sunday, 21 September 2025 04:24 PM

traders should be fined as this is akin to selling their products above the fixed price

1 41

Zarook Monday, 22 September 2025 01:50 AM

No action, mulling only.

0 1

Welcome move by Government Sunday, 21 September 2025 04:31 PM

It is welcome move by the government. Banks makes thumping profits particularly on credits card with exorbitant higher interest rates. 99.99 pct of consumers who uses the credit cards don't know the interest calculation on credit card outstandings by banks. When one pay the minimum amount or part payment, banks settle only the immediate recent transactions. The old transactions remain as outstanding and the interest on those transactions are calculated taking the longer duration thus charging consumers highest interest amount. Government must take notice of this and relieve the consumers from this method of interest calculation for the benefit of consumers, present Government being people elected Government.

0 46

jimbo Sunday, 21 September 2025 06:18 PM

Ignorance is a bliss.

6 2

Pay in Full Sunday, 21 September 2025 08:08 PM

Pay the Outstanding Balance on the statement - No interest - No Problem

1 15

Dr. Dee Sunday, 21 September 2025 08:11 PM

Pay the full amount before the due date. Don’t use the card if you can’t pay back in full. If you wish to do so, don’t blame the bank for giving you easy credit!

1 15

Bank client Sunday, 21 September 2025 07:35 PM

General standard for low premium

1 1

Mohamed Hanas Sunday, 21 September 2025 08:23 PM

If used a cead in abroad bank charges extra 3.5% on top the exchange rate which wasn't there before the crisis.

1 6

Mervyn Monday, 22 September 2025 09:15 AM

This must be stopped at all costs. We travel abroad and try not to use cash due to risks involved. But this extra charges are too high and should be curbed to a reasonable level.

0 0

Wind Sunday, 21 September 2025 10:23 PM

Do Not Blame the Wind which broke few items in your home. You are the one who opened the Window. Bank is the wind encouraging you to pay minimum amount. Interest is the Demange in the home

0 0

Shawn Goonesekera Monday, 22 September 2025 05:37 AM

This is a very good initiative taken by the government, If the government wants to promote cashless transactions in the future. Small business owners sometimes don’t have even 10% profit margin while selling certain local products, and from top of that you have to pay 3 to 2.5% if the payment is made by a card by the customer. For every 500/- the shop owner has to pay 15Rs to the bank. I have even asked the banks can’t you reduce this to 1% from 3%, but they say no it’s 3%. India, Dubai, Japan, Germany, Sweden, Singapore and many more countries are fully cashless countries now and they don’t charge a percentage for card transactions.

0 0

Priyan66 Monday, 22 September 2025 05:57 AM

Government should not add any chargers to credit

0 0

Michael Monday, 22 September 2025 06:27 AM

Credit card interests have to be reduced. They charge more than twice the loan interest rates in the country...

0 0

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