The Point-of-Sale (POS) enabled merchant base of Commercial Bank of Ceylon is expected to grow significantly with the country’s largest private bank launching mobile Point-of-Sale units in Sri Lanka.
Branded Commercial Bank ‘Easy POS,’ the mobile units introduced in collaboration with CBA Solutions, make it possible for any merchant outlet that has a smartphone to acquire one and enhance sales.
Compatible with magnetic strip cards as well as chip cards, the EasyPOS devices run on the ‘Payable’ app downloadable to the merchant’s smartphone in Android or IOS format. The device communicates with the smartphone via Bluetooth, and can be used anywhere and at any time provided the device and the phone are within range of each other.
Commercial Bank’s Chief Operating Officer S. Renganathan (third from right) and CBA Solutions CEO Sujith Subasinghe exchange the agreement in the presence of representatives of the two companies
“Technology-facilitated convenience continues to be a byword at Commercial Bank,” the bank’s Chief Operating Officer S. Renganathan said. “We always focus on introducing technology that creates a difference in the lives of our customers. The introduction of Easy POS devises will significantly enhance the quality of the service received by customers and will open up more business opportunities for the merchants.”
He also commented that the new mobile Point-of-Sale units would cater to businesses that cannot meet the monthly revenue criteria for a standard, fixed Point-of-Sale unit. “With one simple device, the Bank has created greater convenience for both customers and merchants,” he added.
Selected merchants will be required to open an account with the bank. Each unit will be configured to the phone number and smartphone provided by the merchant. This makes it very secure to use since the device is only compatible with the registered phone number and handset, the bank said.
At the end of each working day, all transactions will be processed and the merchant will be paid through the account. Merchants can view their transaction history through the same phone.
“The focus of our organisation has been to promote cashless card based payments, creating convenience in the everyday lives of Sri Lankans. As Sri Lanka’s largest private bank, Commercial Bank has placed a strong emphasis on technological innovation. When combined with its extensive reach, we are confident that this tie-up will create more opportunities for businesses and convenience for customers,” CBA Solutions CEO/Co-Founder Sujith Subasinghe said.
EasyPOS is the third technology-linked service enhancement at Commercial Bank within the last three months, and follows the conversion of the bank’s entire ATM network in Sri Lanka to EMV standard chip card compatibility and the launch of Over-the-Air PIN (OTAP) for the issue of credit and debit/ATM cards.