Pan Asia Bank offers 10% cash back on bill payments via internet and mobile banking

Pan Asia Bank has decided to offer its fast-expanding internet and mobile banking users 10% cash back on bill payments as a part of the bank’s efforts to encourage its customers to enjoy the flexibility and the convenience of using Pan Asia Bank’s digital banking solutions. 

The bank will offer 10% cash back from the value of every bill payment with the maximum cash back value is capped at Rs. 1,000 for a single transaction. This is the first time the bank is offering cash back to its customers for using its internet or mobile banking platforms whenever a bill payment is made.

The cash back offer will be available May to August during the last week of each of those four months.

The first offer period will begin from 24 to 30 May so that each bill payment made using Pan Asia Bank’s internet banking or mobile banking during this period will be eligible to receive the 10% cash back from the value of the payment subject to a maximum of Rs. 1,000 per transaction. 

Speaking on this first-of-its-kind reward scheme, the bank’s Manager for Digital Channels and Digitisation Dilruk Wickremasinghe said: “There are several objectives of this program, one of which was to recognise our loyal customers who have been using our digital channels at every turn. We also want to send a message to the rest of the customers to come and experience the ease and the added convenience in using our internet and mobile banking for their transactions with enhanced security features embedded in them while receiving cash for every payment they make.”

“We have had a satisfactory growth in the customers who adopted our internet and mobile banking since we launched them two years ago. We have also seen some notable improvement in people choosing our mobile banking app for making bill payments due to its user friendliness and convenience unlike in many other alternatives available in the market,” added Wickremasinghe. 

According to the latest Central Bank data, transactions made via mobile have grown by a mammoth 300% in 2018. The total value of transactions has increased from Rs. 31 billion in 2017 to Rs. 127 billion in 2018. 

Utility bill payments out of those total payments have been 87% in 2017 and 66% in 2018 while the share of institutional payments of the total payments was 4.8% and 19% respectively in the two years.

The data demonstrates how fast Sri Lankans are embracing digital payments via mobile which has become ubiquitous. 

Pan Asia Bank with its state-of-the art mobile banking app has contributed largely to fuel the industry growth since its launch in 2017.