Mar 06, Colombo: The Commercial Bank of Ceylon has announced that it has collaborated with UnionPay International (UPI) to enable QR code payment acceptance in Sri Lanka, enhancing the payment experience of UnionPay QR Wallet holders.
Commercial Bank is the first Sri Lankan bank to issue a unified QR code under LANKAQR specifications that includes the UnionPay QR code.
With this integration, the LANKAQR QR code generated by the Bank and provided to merchants will have UnionPay QR acceptance facility in addition to existing QR payment acceptance. Chinese and other tourists who have UnionPay enabled QR apps can scan the Commercial Bank’s LANKAQR QR code at merchant locations and pay for goods and services.
The UnionPay QR can be integrated to local merchant websites to facilitate e-commerce transactions as well. A QR code generated using the Q+ merchant app can be shared with customers via different social media to conduct transactions, the Bank said.
Commenting on this latest initiative by Commercial Bank, the Bank’s Chief Operating Officer Mr. Sanath Manatunge said: “Inclusivity, interoperability, functionality and security are the key words in any cashless payment platform. As a leader in this sphere, Commercial Bank is constantly looking for ways to widen the user base for electronic and digital payments that cater not only to our own customers but for foreigners visiting our country.”
“Commercial Bank is the first issuer of UnionPay cards in Sri Lanka; we are very honored to cooperate with Commercial Bank again to enable UnionPay QRC payments in Sri Lanka. UnionPay QRC users all over the world will be able to bring more business to merchants who accept QRC payments in Sri Lanka. This fully reflects UnionPay International’s support for local supervision and is believed to be conducive to Sri Lanka's economic recovery after the COVID-19 pandemic,” said Michelle Shao, General Manager of UPI Hong Kong Branch.
The UnionPay QR is generated in conformity with EMVco standards and in accordance with guidelines provided by UnionPay International. Hence it ensures interoperability and customers in mainland China can also use this QR in addition to UnionPay customers in other countries and regions around the world.
Notably, Commercial Bank is the first bank to issue the UnionPay Credit and Debit Cards in Sri Lanka, which is the card brand with the largest cardholder base in the world. UnionPay cardholders can enjoy safe and convenient mobile payment services, including QR code-based payments and contactless payments, in 94 countries and regions. UnionPay QR code payment is accepted at over 30 million merchants in 45 countries and regions.
Credit and Debit Cards issued by Commercial Bank feature year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both Credit and Debit Cardholders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for Credit Cards to its Debit Cards.
Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of Credit and Debit Cards in the Gold and Platinum tiers of UnionPay, as well as UnionPay Asia Prestige Platinum and UnionPay Asia Prestige Diamond Cards in the premium segment.