Sri Lanka’s Bank of Ceylon, Mobitel team up to push digital mobile payments
ECONOMYNEXT – Sri Lanka state-run Bank of Ceylon, Mobitel (Pvt) Ltd, a unit of Sri Lanka Telecom, said they have tied up to provide digital mobile payment application for small businesses, which they hoped to promote country-wide using their customer bases.
The ‘SmatPay’ branded digital payment service is targeted at small businesses.
Officials said Mobitel and 7 million customers and Bank of Ceylon 12 million customers and 643 branches allowing a large segment of the population to use the service.
“By joining these two institutions together we can penetrate the country’s majority of the Sri Lankans enjoy the digital payment system,” Bank of Ceylon, Chief Executive officer, Senerath Bandara said.
“SmartPay can be use by people engaged in small scale businesses such as groceries, pharmacies and street vendors,”
“This is the ideal solution for anyone who seeks speed and convenience and simplicity for their payments.”
Merchants who use the app will receive the cash in real time and has the facility to monitor the transaction history using the app.
Any person who has a Bank of Ceylon account can use their bank account details to register and use the facility to make payments.
Mobitel Chief Executive Nalin Perera said Mobitel also has a mobile cash facility, that has become one of the most popular products offered by the company.
“The product is not introduced to compete with banks, but to complement their services,” Perera said.
SmartPay uses a LankaQR quick response code for secure payments. (Colombo/Feb16/2020)
Kithmina Hewage- Institute of Policy Studies