Aug 20, Colombo: Euronet Worldwide and its Digital Integrated Payments Cloud (DIPC) technology has empowered the Commercial Bank of Ceylon to launch the first Quick Response (QR)-based payment app under LANKAQR, the national QR standard for local currency payments introduced by the Central Bank of Sri Lanka.
The app, ComBank Q+, uses the DIPC's microservices architecture and open APIs to power its QR code engine. In addition, Euronet's DIPC provides the scalability and flexibility required by a project of this size to deliver payments technology as a service (PTaaS).
The end-to-end scope of the system included development of a QR code customer app, a merchant app with a QR code central processing engine, reconciliation and settlement services for all transactions, and the associated IT infrastructure on a pay-per-use model.
Bank customers download and install the ComBank Q+ app and can add up to five ComBank Mastercard, Visa, or LankaPay cards through an authentication process via SMS. They then perform MasterCard QR, mVisa, or LankaQR transactions by scanning a vendor's QR code and selecting which card to use to pay.
The app ensures a friction free, secure and faster payment experience for customers and merchants and supports both static and dynamic QR codes. ComBank Q+ complies to EMVCo specifications facilitating interoperability and the QR-code payment functionality overseas as well.
Commenting on the technology outsourcing partnership, Pranay Jhaveri, Euronet Chief Business Officer, India and South Asia said, "We are delighted to partner with the Commercial Bank of Ceylon, a key financial services provider in the Sri Lankan market, focused on innovations and delighting its customers by delivering the next generation payments experience. Alternative payments adoption is growing at a very rapid pace in Asia, including Sri Lanka, and Euronet has been at the forefront with its DIPC delivering secure faster payments technology to leading banks and innovative customers in the region. ComBank Q+ will transform the scan-and-pay experience of the customer and also the merchants receiving payments."
Commenting on the collaboration, Hasrath Munasinghe - Deputy General Manager Marketing, Commercial Bank of Ceylon, said, "Providing an innovative and secure transaction experience has always been a key driver for the bank. We understand that the world is moving to alternative payments that offer value and convenience. The advantages from this app to our consumers are immense and the option of rapid customization is a significant differentiator that we intend to leverage to enhance our customer experience." (Media Release)