Commercial Bank Chief Operating Officer Sanath Manatunge (4th from right) and Mobitel Chief Marketing Officer Shashika Senarath exchange the agreement in the presence of (from left) from the Mobitel team, Assistant Manager – Mobile Financial Services Gayan Kalugamage, Manager – Mobile Financial Services Rishani Gunaratne and Senior General Manager – Marketing Isuru Dissanayaka, Commercial Bank’s Deputy General Manager – Marketing Hasrath Munasinghe, Head of Card Centre Thusitha Suraweera and Senior Manager – Card Centre Seevali Wickramasinghe
Commercial Bank has partnered with Mobitel to allow mCash merchants to accept QR code based payments from any mobile payment App registered under LANKAQR through the bank’s state-of-the-art Q Plus QR engine.
The bank said the partnership would bring supreme convenience to both merchants and customers by reducing transaction times and offering a secure, fast and efficient platform at their fingertips.
The launch of LANKAQR with mCash has enabled existing mCash merchants ranging from small businesses to large scale enterprises to conveniently accept payments of any customer who uses LankaQR, Visa QR or Masterpass supported QR payment mobile Apps.
A LANKAQR codes issued by mCash merchants accepts payments sent through the LankaPay, Visa, and Mastercard networks, making it one of the fully-fledged LANKAQR codes to be issued to the market. These QR Codes are fully interoperable with other payment applications certified by LankaPay.
Customers can simply scan a QR code presented at a mCash merchant and make a mobile based QR payment through a preferred network. This transaction will be processed through ComBank’s Q Plus engine and mCash wallet, providing a fast and secure real-time remittance to the merchant within a short time of completing the transaction.
The mCash service allows Mobitel subscribers to make payments and transfer money in a simple and convenient way. By registering for mCash, the user will be able to perform a variety of transactions, purchases and money transfers through a mobile device at any time and at any place. Approved by the Central Bank of Sri Lanka, mCash offers customers the experience of a whole new method of carrying out financial transactions by maintaining a Mobile Money Account. In addition, the island-wide LankaQR activation is further supported by the Central Bank’s ‘Cash Wade,’ an initiative that aims to increase the adoption of digital transactions in Sri Lanka by highlighting the issues related to using cash such as change money, payment tracking, cash robbery and queuing, thereby encouraging consumers to enjoy convenient payments through digital platforms.
The first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 875 ATMs in Sri Lanka.