People’s Bank and Mastercard unveil hi-tech virtual debit card via People’s Pay App

People’s Bank CEO/GM Clive Fonseka (left) and Mastercard Sri Lanka and Maldives Country Manager Sandun Hapugoda

People’s Bank, has embarked on a landmark digital transformation journey. As part of its mission to redefine customer convenience and spearhead innovation in the local banking sector, the bank has introduced a revolutionary product in collaboration with global payment technology leader Mastercard.

In a significant stride toward advancing financial technology, People’s Bank has partnered with Mastercard to launch a cutting-edge Mastercard virtual debit card. This pioneering initiative marks a notable shift in Sri Lanka’s banking landscape and reflects the bank’s unwavering commitment to integrating global innovation with local financial needs.

The new Mastercard virtual debit card, which integrates seamlessly with the People’s Pay App, offers customers a globally accepted, secure, and efficient payment experience. The launch is expected to enhance the way customers interact with their finances, providing instant access to digital payments, seamless transactions, and exciting reward benefits across multiple platforms — both locally and internationally.

The official unveiling ceremony took place recently at the People’s Bank Head Office, with the presence of senior representatives from both People’s Bank and Mastercard. This event celebrated not just the launch of a new product but also a forward-looking partnership aimed at reshaping the future of banking in Sri Lanka.

People’s Bank CEO/GM Clive Fonseka said: “At People’s Bank, we are fully committed to embracing world-class innovations that not only enhance the customer experience but also align with our national agenda of building a digitally inclusive economy. Through this initiative, we aim to foster financial literacy and technological empowerment across the population, while also delivering value to all our stakeholders.”

Mastercard Country Manager, Sri Lanka and Maldives Sandun Hapugoda said: “Mastercard is pleased to collaborate with People’s Bank, a long-standing partner, to bring next-generation digital payment solutions to the Sri Lankan market. The introduction of the Mastercard virtual debit card will play a crucial role in promoting digital payment adoption across the country. Mastercard has a proven track record in delivering innovative payment technologies and the collaboration will pave the way to account tokenisation. Mastercard is well-positioned to meet the evolving expectations of digitally savvy Sri Lankan consumers and the move provides People’s Bank customers greater convenience and an overall enriched experience.”

The this virtual debit card via People’s Pay App is designed to significantly expand the possibilities within the digital payment ecosystem, the new virtual debit card enables People’s Bank customers to securely use the People’s Pay App with the new virtual debit card for various financial instruments across a broad range of payment channels — including e-commerce platforms, QR-based payments in the open-loop payment system.

This groundbreaking development underscores the shared commitment of People’s Bank and Mastercard to drive digital inclusion, enhance security, and offer frictionless banking solutions to individuals and businesses alike. It serves as a testament to both institutions’ dedication to progress and innovation, reinforcing their leadership roles in Sri Lanka’s evolving digital economy.