Commercial Bank of Ceylon rolls out Sri Lanka's first standardised QR payments tool

Source: Commecial Bank of Ceylon

The Commercial Bank of Ceylon has launched ComBank Q+ – the first Quick Response (QR) based payment app to be launched under LANKAQR – creating history yet again by introducing technology that matters in the lives of the Bank’s customers.

LANKAQR is the national QR standard for local currency payments introduced by the Central Bank of Sri Lanka (CBSL).

Commercial Bank’s Credit and Debit Card holders can now experience the utmost convenience of paying for purchases via their mobile phones in a simple and secure manner with ComBank Q+, which is designed to be a convenient and hassle-free payment alternative for cardholders and vendors taking them to the next dimension of payment options.

Making a payment for a product or a service is as simple and as convenient as scanning the vendor’s QR code with their mobile phones and selecting one of their registered Commercial Bank cards to make the payment. Apart from saving them the hassle of signing of slips and even standing in long queues for payment, this app will ensure that the card will stay with the cardholder, minimising the opportunities of card losses and card theft, the Bank said.

ComBank Q+ will open up infinite choices and opportunities for customers who are comfortable with utilising their smart phones for payment for goods and services and for merchants who will enjoy a hassle-free and smooth payment process. Customers could add their ComBank MasterCard, Visa or LankaPay JCB cards to ComBank Q+ consumer app, enabling them to perform MasterCard QR mVisa or LankaQR transactions. A maximum of five cards can be registered for this service.

ComBank Q+ app has been developed based on interoperable standards, facilitating functionality in overseas locations as well, the Bank said.

Once customers download and install the ComBank Q+ QR code app, their cards can be linked to the application through an authentication process via SMS. The user may catalogue Credit, Debit or Prepaid Cards on the app subject to the maximum limit of five, and thereafter choose to pay by selecting a card or by a default priority card.

The ComBank Q+ QR app presents customer-friendly features that enable users to manage their cards and even access their transaction list at any given time.

Merchants are provided with a separate app similar to ComBankQ+ consumer app to receive payments when their respective QR codes are scanned by customers. The ComBank merchant application supports both static and dynamic QRs, bringing more convenience to the merchants and cardholders.

Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of Credit Cards in the Silver, Gold and Platinum tiers of both Visa and Mastercard as well as Visa Signature, World Mastercard and Visa Infinite cards in the premium segment. The cards are equipped with ‘Tap n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network.

The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for nine years consecutively, Commercial Bank operates a network of 266 branches and 846 ATMs in Sri Lanka. The Bank has won more than 40 international and local awards in 2018

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

Comments: (0)

Get your copy of the OneSpan eBook - How to minimise the risk of Social Engineering attacks in Banki
Is your business ready for the 10th January, 2020?