Bank of Ceylon (BOC) launched BOC SmartPay- QR (quick response) code based payment solution offered to its valued customers which will be the latest addition to the digital product range of the bank. This will be a key milestone to support bank’s strategic direction towards cashless, paperless and branchless banking model and enrich payment ecosystem in Sri Lanka.
BOC SmartPay is introduced to process transactions using LANKAQR code – the national QR code introduced by the Central Bank of Sri Lanka which facilitates real time transaction and settlement in the country.
Current and savings account (CASA) holders of BOC now have the privilege of making payments using their smartphone at LANKAQR certified merchants. SmartPay app can be downloaded and self-activated by customers followed by a simple registration process. Through the same app, BOC customers who wishes to enrol as merchants under this system and activate it by visiting the nearest BOC branch.
With BOC SmartPay, customers can enjoy the convenience of cardless and cashless payments for their day-to-day necessities. It will be an ideal choice for today’s customer who seeks convenience, simplicity and speed as key factors in their payment experience. Since this is a customer initiated payment method, the errors will be minimal.
BOC SmartPay merchants can accept payments from both BOC and other bank customers through respective bank’s mobile payment application supporting LANKAQR QR code. SmartPay will facilitate merchants ranging from small to larger scale business ventures to accept transactions and enhance their sales turnover and business growth. The usage of QR code will eliminate high investment and maintenance cost associated with a Point-of-Sale device.
BOC SmartPay extends a range of customer friendly services such as balance inquiry, mini-statements and detailed transaction alerts and embedded with high level security features. The bank has further plans to add new payment instruments such as; Debit Cards, Credit Cards, other bank CASA accounts to this payment channel in order to fulfil the dynamic customer requirements.