HNB becomes first bank to eliminate merchant discount rates for LANKAQR transactions

In a significant move to accelerate the adoption of cashless transactions, Hatton National Bank (HNB) has become the first bank in Sri Lanka to eliminate the merchant discount rates (MDR) for LANKAQR transactions.

- BY NISHEL FERNANDO

This initiative applies to HNB-appointed merchants enabled to accept LANKAQR payments, aiming to make digital transactions more accessible and cost-effective for businesses across the country.

At a press briefing in Colombo this week, HNB Managing Director/CEO Damith Pallewatte explained that this initiative would also enhance credit access for numerous micro, small and medium enterprises.

“We believe this is a powerful tool to support the growth engine of our country, the SMEs and microfinance businesses. By integrating them into the digital ecosystem, we can facilitate their access to crucial financing,” he explained.