Mastercard and LankaPay Forge Alliance to Unveil Co-branded Debit Card, Revolutionizing Sri Lanka's Digital Payments Landscape

In a significant move to reshape Sri Lanka's digital payments ecosystem, Mastercard and LankaPay have joined forces, with a strategic focus on card issuance, secure transactions, and QR payment solutions. This groundbreaking partnership is set to bring about a series of transformative initiatives that will benefit consumers, merchants, and the financial sector at large.

The centerpiece of this collaboration is the upcoming launch of a co-branded debit card. Beyond just a payment instrument, this card is designed to drive digital engagement and foster financial inclusion across Sri Lanka. Cardholders will gain exclusive access to the "Priceless Specials" platform, unlocking a plethora of unique offers and experiences. Additionally, they will enjoy the extensive global travel and lifestyle services that Mastercard is renowned for. Local banks will have the opportunity to integrate this innovative card into their existing systems, enhancing their service offerings to customers.

To further enhance the payment experience, especially for the tourism industry, Mastercard's Pay Local solution will play a pivotal role. This solution enables foreign tourists to link their debit or credit cards to the LankaPay app seamlessly. As a result, tourists can make payments at over 400,000 merchants accepting LankaQR codes, all while transacting in their home currency. This not only simplifies the payment process for international visitors but also gives a significant boost to Sri Lanka's tourism economy by providing a convenient and familiar payment environment.

Security is a top priority in this partnership. Mastercard will introduce its advanced Brighterion AI technology to the LankaPay network. Leveraging the power of artificial intelligence, this technology analyzes vast amounts of data across multiple systems in real-time to detect and prevent fraud. It offers a scalable and adaptable security layer, safeguarding critical financial operations such as ATM transactions and account-to-account transfers. This ensures that both consumers and merchants can transact with peace of mind in the digital space.

According to representatives from LankaPay, this collaboration aligns perfectly with their mission to promote financial inclusion. By making digital payments more accessible and secure, more individuals and businesses in Sri Lanka can participate in the formal financial system. Moreover, the simplified payment experiences for travelers are expected to have a positive ripple effect on the tourism sector, attracting more visitors and enhancing their overall experience in the country.

In May 2025, ila-Bank entered into a strategic partnership with Mastercard, heralding the introduction of augmented travel products. This collaboration aimed to elevate the customer experience by combining ila-Bank's innovative approach with Mastercard's cutting-edge payment solutions.

ila-Bank leveraged this partnership to expand its product portfolio significantly. The bank rolled out a range of innovative travel and loyalty programs, designed to meet the diverse needs of modern travelers. A standout feature of ila-Bank's offerings was its digital, mobile - only banking experience, which had already received widespread acclaim both locally and regionally. Complementing this digital experience, the bank offered an array of card products, including debit, credit, and prepaid cards. Each card came with attractive bonus benefits and a personalized loyalty rewards system, providing customers with added value and incentives for their financial transactions.