BOC and SLIC partner to introduce dynamic LANKAQR payments

Tuesday, 17 November 2020 00:46 - - {{hitsCtrl.values.hits}}

Expanding the frontiers of the National Quick Response (QR) payment scheme, Bank of Ceylon (BOC), ‘Bankers to the Nation’, introduces QR-based Life Insurance premium payments, in partnership with Sri Lanka Insurance Corporation (SLIC), the largest insurance provider to the nation.

BOC, with an unparalleled history of 81 years, has taken many initiatives to uplift the digital payment landscape of the country. The LANKAQR standard was introduced by the Central Bank of Sri Lanka (CBSL) and Lanka Clear (Pvt) Ltd., to strengthen and regulate the QR payment solutions, which will facilitate users to make payments from their own mobile device simply by scanning the LANKAQR code of the merchant or biller. Introduction of a national standard for QR payments has enabled inter-operability between banks, finance companies and e-money wallets with clear operational guidelines given by the CBSL.

Bringing the revolution to next level, BOC has introduced dynamic LANKAQR-based utility bill payments to popularise the concept of ‘Scan and Pay’, which is simple and convenient for users. It was initially implemented with Sri Lanka Telecom and BOC further widens its scope by affiliating with SLIC to facilitate the national insurers’ valued life insurance policy holders with the ease of paying their insurance premiums via dynamic LANKAQR, thus enabling seamless digital payment experience.

The addition of LANKAQR is another important milestone of SLIC’s digital journey. SLIC has introduced a wide array of digital payment options such as mobile wallet, digital banking and bill settlements through supermarket chains and banks to provide convenient customer experience. The recent introduction of SLIC’s customer mobile app has enabled customers to conveniently interact with SLIC on Life and General Insurance policy details, online payment options, claim details and the Motor Plus loyalty and partner network benefits. The digital technology partnership between the two industry leaders, BOC and SLIC, with the introduction of LANKAQR will enable the SLIC consumer to enjoy the latest cashless digital payment experience.

BOC SmartPay mobile QR payment app was introduced as a simple app for merchant QR payments; and has performed beyond expectations, amassing users exceeding 150,000 across the country. The latest version of the SmartPay app will be released soon with enhanced features to offer our valuable clients a new user experience.

The tides are changing rapidly, with customers embracing digital banking and doing away with traditional banking. BOC thrives on developing synergies with other corporate entities to optimise digital inclusivity and contributing to the national vision of a “digital economy”, empowering the nation in line with initiatives and directions of the CBSL.