Sri Lankaâ€™s ComBank provides Mastercard online payment gateway to Daraz
ECONOMYNEXT – Sri Lanka’s Commercial Bank said it has been appointed the Internet Payment Gateway (IPG) service provider to South Asian online shopping platform Daraz.
The online payment processing of Daraz will be facilitated by Commercial Bank through Mastercard Payment Gateway Services (MPGS), a statement said.
Daraz was acquired by the Alibaba Group in May 2018.
It will provide the portal the convenience of a secure, cost-effective way to perform card on file transactions through tokenisation, keeping sensitive card details away from its systems, it said.
Tokenisation also offers customers the convenience of one-click online purchases fully-compliant with Payment Card Industry Data Security Standard (PCI-DSS) requirements.
The statement said the merchant service provided by Commercial Bank to Daraz will cover the authorisation of credit and debit cards, and direct payment processing for the online shopping portal.
Visa and Mastercard are the accepted payment options through this service.
Launched in 2016, Daraz has a presence in Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal with 30,000 vendors and 500 brands and serves five million consumers across the region.
The online shopping website has more than 2.5 million products on offer, ranging from consumer electronics to household goods, fashion, sports equipment and groceries.
(COLOMBO, 06 December 2018)