COMBANK innovates with ‘FastPay,’ new mobile payment option

The Commercial Bank of Ceylon has launched its own mobile payment option, enabling account holders to make instant cash-less transactions via the bank’s existing mobile banking app, through a simple and innovative mobile payment option.

‘FastPay’ links Commercial Bank accountholders who use the bank’s mobile banking app with point-of-sale terminals of vendors who use the bank’s online banking service, enabling the account holders’ mobile phones to be used like debit cards to access funds in their bank accounts.

This elegantly hassle-free and secure payment system allows a customer to make purchases and inform the Cashier at the retail outlets that he or she wishes to pay via FastPay. The cashier then enters the customers’ mobile phone number and the platform generates a notification to thecustomer’s mobile phone, and the transaction is completed when the customer authorises payment from his phone.

“This is once again a simple easy-to-use feature made possible through technology,” Commercial Bank Chief Operating OfficerS. Renganathan said. “At Commercial Bank, we are constantly looking for ways to make financial transactions more convenient, safer and as inclusive as possible. FastPay will enable cash-less and card-less payments even in remote areas where card payments are less common.”

This new payment option will initially be available at Barista Outlets at World Trade Centre, Cafe Mocha –Gandhara, and Barista outlets at Laksala premises–Thunmulla, Bambalapitiya, Peradeniya and the National Museum. Customers who use FastPay for payments at Barista during the launch period up to end of November 2017 would receive a 50% discount on the total bill value, the bank said.

Merchant outlets offering the FastPay option to their customers will receive their money in their accounts when the customers’ accounts are debited at the end of each transaction, and the sales proceeds can be viewed on the same day through the bank’s Online Banking facility.