Championing the cashless economy

Multiple-choice questions. In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please reread the article before attempting the questions again.

According to the World Bank, approximately what percentage of Sri Lanka's workforce is employed informally?

43 percent

52 percent

62 percent

70 percent

Which of the following statements are true? Statement one, many SMEs prefer cash transactions because they help them to avoid formal financial reporting. Statement two, many SMEs prefer cash transactions to avoid digital processing fees

Neither statement is correct

Statement 2 is correct

Both statements are correct

Statement 1 is correct

What concern do many SMEs have about digital transactions?

The default currency is normally US dollar

They are offputting to customers 

They may lead to greater tax scrutiny

All the other answers are correct

What percentage fee do merchants typically face on card transactions, even though they cannot legally charge customers extra?

25 percent to 30 percent

2.5 percent to 3 percent

0.5 percent to 1 percent

5 percent to 6 percent

What is a particular barrier to the growth of digital transactions in rural areas of Sri Lanka?

Poor internet reliability and network coverage

Lack of banks

Low level of smartphone use

None of the other answers is correct

In 2025, what percentage of Sri Lanka's population did the number of cellular connections translate to?

127 percent

85 percent

63 percent

27 percent

According to the article, which group is particularly likely to prefer physical cash?

Older generations

Students

Tourists

All the other answers are correct

Which incentives in India are cited as helping merchants adopt digital payments?

Free smartphones and laptops

Waiving of banking charges

Tax breaks and subsidies for point-of-sale terminals

Reduced electricity bills

When did Sri Lanka introduce GovPay?

January 2024

February 2025

January 2026

February 2023

Which of the following statements are true? Statement one, the Sri Lankan government has introduced tax incentives to encourage merchants' digital payment uptake. Statement two, the Sri Lankan government has temporarily reduced customer transaction fees to encourage digital payment