The Central Bank of Sri Lanka (CBSL) has decided to regulate the payment card services in the country to enhance the level of security and efficiency to protect customers and increase public confidence in such payments.

As per the provisions of the Payment and Settlement Systems Act No. 28 of 2005, the President has authorized the ‘Service Providers of Payment Cards Regulations No. 01 of 2009’ to be effective from 30th July, 2009, states the CBSL.

The regulations will require all service providers of payment cards to register with the CBSL. In addition, the CBSL will function as the supervisory authority of such service providers, and will issue directions, directives, guidelines, conditions, circulars, rules and instructions to the payment card service providers.

The main objective of these regulations is to ensure that all service providers involved in payment card related transactions comply with the best international standards and practices.