Commercial Bank Managing Director and CEO Sanath Manatunge (centre) and PAYable CEO and Co-Founder Yohan Wijesiriwardane exchange agreement in the presence of (from left) PAYable Directors Teresh Amaratunga and S. Shanmuganathan, PAYable General Manager and Director Saajid Reyaz and Commercial Bank Deputy General Manager Marketing Hasrath Munasinghe, Chief Manager Card Centre Nishantha De Silva, Senior Manager Card Centre Seevali Wickramasinghe and Officer Card Centre Wishan Fernando
Commercial Bank of Ceylon has become the first Sri Lankan bank to introduce card acceptance through Android smartphones, allowing its merchants to conveniently and cost effectively accept card payment transactions, changing the landscape of the digital payment industry in Sri Lanka with this state-of-the-art low-cost technology.
The bank has announced that it is providing this facility in collaboration with PAYable (Pvt.) Ltd, one of Sri Lanka’s leading fintech and digital payment solutions providers and has integrated its payment system with PAYable SoftPOS, also known as PAYableTAP, which was developed in partnership with Mastercard and Worldline, a technology company that provides digital payment platforms to the financial sector.
This solution converts any NFC-enabled Android smartphone into a payment acceptance terminal. To enjoy the convenience of this facility, merchants simply have to download the PAYableTAP app, register with Commercial Bank and perform Tap and Pay transactions by simply allowing cardholders to tap their NFC-enabled credit or debit cards on the screen of the device to make payments.
The first of its kind in Sri Lanka, the SoftPOS solution is built on cutting-edge, secure digital payment technology and is one of the easiest to use, the bank said. Commercial Bank certified this new technology with card schemes and the bank guarantees the security of the smartphone POS transactions to be the same as traditional POS transactions.
Designed with an intuitive interface, PAYableTAP is operable in all three languages and eliminates the need for printed receipts as digital receipts are generated after each transaction and sent via SMS or email to the customer. With its simplified payment acceptance methodology, many micro and small businesses are benefitted by enabling convenient and secure digital payments, which is imperative to their progress, the bank said. It is also ideal for delivery-based businesses with large rider fleets and businesses that work seasonally or accept payments periodically.