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February 17, 2020

BOC, Mobitel introduce QR payment solution in Sri Lanka

The Bank of Ceylon (BOC), a state-owned commercial bank in Sri Lanka, has partnered with Mobitel to introduce a QR-code based payment solution.

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The new solution, dubbed SmatPay, will enable small businesses accept customer payments at the stores.

The app allows self-registration. Customers can add their own current or savings accounts to activate the app.

It uses a national QR code, ‘Lanka QR’, which is interoperable with all Lanka QR certified bank mobile payment apps.

According to the Sunday Observer in Sri Lanka, the Smartpay app comes with several high level security features.

It allows the merchants receive payments in real time and track all transactions through the app.

Bank of Ceylon customers can also receive mini-statements and detailed transaction alerts.

Local publication EconomyNext quoted Bank of Ceylon CEO Senerath Bandara as saying: “By joining these two institutions together we can penetrate the country’s majority of the Sri Lankans enjoy the digital payment system.

“SmartPay can be use by people engaged in small scale businesses such as groceries, pharmacies and street vendors.

“This is the ideal solution for anyone who seeks speed and convenience and simplicity for their payments.”

The app is available for download for Android and iOS mobile users.

It can be noted that UnionPay International (UPI) partnered with Sri Lankan retailer Cargills Group in 2018 to launch its QR code payment service.

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img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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