Government to double state revenue collection through ‘Gov pay’
View(s):Eight state departments and authorities connected through the government payment platform by Lanka Pay have fetched a revenue of Rs.1.8 trillion as of last year, slated to double after the launch of the new Gov Pay, top officials said.
With the latest platform to be launched in two weeks, Lanka Pay expects to double this revenue to Rs. 3.6 trillion, Channa De Silva, CEO, of Lanka Pay told The Sunday Times Business. Already 16 government departments are connected through this platform, and he added that the process to add another four is ongoing before the launch next month. “By April, we expect to add the total departments to about 50 and by year-end we want to double this onboarding to at least 100.” He added that a total of eight departments – the Department of Customs, the Inland Revenue Department, the Ports Authority, the Board of Investment, the Sri Lanka Standards Institution, the Employees Provident Fund, the Department of Commerce, and the Import-Export Control Department fetched Rs.1.8 trillion.
He added that the latest platform is introduced for departments which do not have a payment system which is pretty much 95 per cent of all state institutions. He further explained that court system payments, payments for municipal councils, and payments for universities etc will be possible through Internet banking platforms engaged in this system. “The citizens do not need to go physically anymore and will be able to log in through their Internet portal to do the payments.”
He pointed out that this platform addresses current shortcomings and with global digitalisation trends, offers financial institutions an opportunity to streamline operations through integration with it, ensuring secure and efficient government transactions while enhancing efficiency, transparency, and reliability for both institutions and clients.
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