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Wednesday February 1st, 2023

Sri Lanka’s Commercial Bank says its QR code app draws 100,000 users

ECONMYNEXT – Sri Lanka’s Commercial Bank of Ceylon said it’s QR code-based payment app had drawn 100,000 users in the past five months.

The app is launched as an alternative for Commercial Bank cardholders.

“[Q+ app] is well received by customers owing to the convenience and security it offers them in cashless payment processing when they pay for purchases by scanning QR codes via mobile phones or via the in-app bill payment facility,” Commercial Bank said.

“The Q+ Payment App enables cardholders to pay for purchases via their mobile phones simply by scanning the merchant’s QR code.”

App has a self-registration process.

The app has bill payment features that allow customers connected to the Bank’s debit, credit or prepaid cards to pay bills instantly, data reloads, prepaid and post-paid mobiles, fixed telephone lines, water and electricity (CEB and LECO) and pay-TV bills and settle credit card outstanding bills.

It can also be used to pay for online purchases using the ‘Online Pay’ feature by entering their mobile numbers in merchant websites and apps that have ‘Q+ Payment App’ as a payment option.

Customers use ComBank Visa, Mastercard and UnionPay cards to the Q+ Payment App, enabling them to perform LankaQR, mVisa, and Mastercard QR transactions.

Only five cards can be added to the app.

The payment app can also be used for overseas QR merchants through the Visa and MasterCard networks.

Commercial Bank says this will prevent card losses and theft while encourages the use of environment-friendly payment methods.

“Payments done using Q+ Payment App require authentication using a static PIN which ensures the safety and security of transactions, making the Q+ Payment App more secure than a normal card,” the bank said.

(Colombo/Oct18/2021)

 

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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Sri Lanka bill auction hits pothole after 2025 bond spike

ECONOMYNEXT – Sri Lanka sold only 45 billion rupees in Treasury bills at Wednesday’s auction after offering 120 billion rupees, data from the state debt office showed, amid market confusion over a spike in a two year bond at an earlier action.

30.1 billion rupees of 3-month bills were sold at 29.91 percent, unchanged from a week earlier after offering 60 billion rupees for auction.

5.1 billion rupees of 6-month bills were sold at 28.72 percent, flat after offering 30 billion.

10.3 billion rupees of 12-month bills were sold at 27.72 percent after offering 30 billion.

Phase II subscriptions have been opened.

The market was foxed after the 2025 bonds were accepted at sharply higher yield than market on January 30, dealer said.

There was further confusion as the there was an outright purchase of 2025 at around 29 percent earlier in January.

Some investors speculated that the authorities were trying to drive more buyers towards short end bonds as bill volumes were getting larger. (Colombo/Feb01/2023)

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Sri Lanka services exports down 5.9-pct in 2022

ECONOMYNEXT – Sri Lanka’s services exports were estimated to have fallen 5.9 percent to 1,876.3 million US dollars, the island’s Export Development Board said.

Services exports estimated is made up of ICT/BPM, construction, financial services, transport and logistics.

There are more than 500 ICT companies, the EDB said.

Sri Lanka’s merchandise exports were up 4.6 percent to US dollars 13.1 billion dollars in 2022 from 2021.

Sri Lanka’s goods exports are slowing amid lower growth in Western markets. (Colombo/ Feb 01/2023)

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