Sri Lanka Commercial Bank offers WeChat payments in yuan
ECONOMYNEXT – Sri Lanka’s Commercial Bank has tied up with a unit of tech giant Tencent Holdings to offer Chinese tourists payments through instant messaging platform WeChat, including in yuan.
Chinese tourists visiting Sri Lanka now have the added benefit of purchasing goods and services and paying for them through ‘WeChat Pay’, the bank said in a statement.
This was consequent to a partnership between the Commercial Bank of Ceylon and Tenpay Payment Technology Ltd., owned by tech giant Tencent Holdings, known for its WeChat social-media network with more than a billion monthly active users around the world.
“As the country attracts many Chinese tourists, the bank believes this solution will not only increase the convenience factor for them, but also enable Chinese travellers to use a payment option they are familiar with,” Commercial Bank’s Managing Director and Chief Executive S. Renganathan said.
The ‘WeChat Pay’ channel will be made available through a special Point of Sale (POS) device that will be provided to merchants who attract Chinese clientele in Sri Lanka, the bank said.
Interested merchants can request the bank to provide them with the special POS device.
Once this is in place, visiting customers can choose multiple ‘WeChatPay’ payment methods to make payments through QR codes.
This solution also enables them to view the value of their purchases and pay for them in Yuan or any major currency of their choice, without losing out on currency conversion rates, the bank explained.
The mobile app is brought to the Sri Lankan market by Commercial Bank in partnership with Wells Digital Infrastructure (Pvt) Ltd., and SwiftPassTechnologies Co. Ltd., an electronic payments solutions provider which facilitates Commercial Bank’s acquiring of ‘WeChat Pay’ transactions in Sri Lanka.