India, May 9 -- Mastercard and LankaPay have taken a significant step towards accelerating digital transformation in Sri Lanka by launching a landmark strategic partnership. The collaboration aims to increase the adoption of digital payments, enhance transaction security using AI, and advance financial inclusion.

Announced at an event with senior executives and stakeholders from the banking and fintech industries, this initiative will offer co-branded debit cards, an easy-to-use low-cost QR payment enablement for merchants and tourists, and a state-of-the-art AI fraud detection layer on all national transactions.

Co-branded debit cards will be introduced to simplify digital access for consumers. These cards will feature Mastercard's Pri...