Business News | Colombo: Commercial Bank of Ceylon (ComBank) has launched Sri Lanka’s first LANKAQR supported Android OS based Point-of-Sale (POS) device in collaboration with PAYable (Pvt) Ltd. to further facilitate cashless payments at merchant outlets countrywide.
Positioned as the most advanced Android POS device in the country, the Android Smart Terminal combines the functionality and portability of an Android terminal with tailored security-certified payments software, enabling it to process transactions via VISA, Mastercard, UnionPay, LankaPay and JCB, as well as QR based wallet payments under LANKAQR. It offers consumers a frictionless payment experience and drastically reduces the waiting time at checkout counters.
The device is empowered to accept EMV/Chip, Magstripe, Near Field Communication (NFC) and QR based transactions – making it possible for merchants to offer customers the convenience of paying via the platform of their choice quickly and efficiently.
For merchants, the tailored PAYable solution offers the convenience of being able to perform a single settlement for all payment acceptance methods as well as the ability to integrate the solution with cashier terminals to facilitate fast checkout with a single swipe. The PAYable software also offers merchants a trilingual user interface and allows merchants to complete a transaction in three simple steps.
Speaking on the device and what sets it apart from other traditional devices in the market, Mr Thusitha Suraweera, Head of Commercial Bank’s Card Centre said: “The Android Smart Terminal is the latest iteration of cashless payment acceptance devices. The device is of the highest quality – having been extensively tested and certified in order to offer the best and safest user experience in the market. By partnering with PAYable Pvt Ltd., we have combined the best hardware and software solutions in order to provide a single all-encompassing payment acceptance solution that is flexible and scalable – in addition to being cost-effective and accessible to all businesses.”
Co-founder and CEO, PAYable Pvt Ltd., Mr Yohan Wijesiriwardane said: “PAYable is proud to once again partner with the Commercial Bank of Ceylon to offer merchants the next generation of digital payment acceptance. Not only is the Android Smart Terminal a cutting-edge solution, it addresses the complete spectrum of options required by a merchant – from portability to receipt generation – all on one easy to use device. Paired with the PAYable software, the Android Smart Terminal offers merchants island-wide a comprehensive digital payment solution.”
PAYable has empowered over 22,000 merchants across Sri Lanka, effectively making it the single largest mobile POS service provider in the country. By eliminating all major cost barriers, PAYable has successfully motivated merchants who were excluded from the ability to accept cashless payments to adopt and champion credit and debit card and other cashless payment acceptance.
The Android POS terminals issued to merchants by Commercial Bank support highest number of payment options available in Sri Lanka. They also support QR based payments of LankaQR, VisaQR and Masterpass (MasterCard QR) WechatPay and Alipay. Commercial Bank’s POS is one of the first POS devices certified to accept contactless payment card transactions in Sri Lanka.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 873 ATMs in Sri Lanka.
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 Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake. More Business News