Mastercard and LankaPay have announced a strategic partnership aimed at accelerating Sri Lanka’s digital economy through enhanced card issuance, broader digital payments acceptance, and improved transaction security.
The collaboration, unveiled at a high-profile event with leaders from the banking and fintech sectors, introduces three key initiatives: a co-branded debit card, Mastercard’s Pay Local solution, and Brighterion AI-powered security technology.
The Mastercard-LankaPay co-branded debit card will promote financial inclusion and digital adoption, offering users access to exclusive benefits via the Priceless Specials platform, as well as global concierge and travel services.
Issuing banks will be able to integrate the new debit card into their operations with ease, supporting the government’s push for digital transformation while enhancing customer engagement.
The Mastercard Pay Local solution will enable inbound tourists to link their cards with the LankaPay app and make QR payments at over 400,000 local merchants in their home currencies, driving digital adoption among SMEs and boosting tourism-related income.
To strengthen transaction security, Mastercard will deploy Brighterion AI solutions across the LankaPay network, using real-time data analytics to detect and mitigate fraud while maintaining seamless user experiences.
This advanced AI-driven layer will secure ATM and account-to-account transfers, marking a significant upgrade in Sri Lanka’s financial security infrastructure.
Mastercard Country Manager for Sri Lanka and Maldives, Sandun Hapugoda, emphasized that the initiative reinforces the pillars of accessibility, security, and innovation in Sri Lanka’s digitisation journey.
LankaPay CEO Channa de Silva highlighted the partnership as a key milestone, noting its potential to enhance financial inclusion, strengthen security, and support the tourism sector by simplifying payments and boosting foreign exchange inflows.
