Decisive shift in preference for contactless and cashless payment solutions
Over 250 enterprises successfully digitalized processes after the onset of the pandemic
Resistance to cashless transactions has rapidly given way to enthusiastic usage as an unprecedented number of Sri Lankans are switching to digital banking channels, according to HNB Head of Cards, Gauthami Niranjan.
Compared with 2020, the volume of transactions on digital channels grew by a remarkable 158% Year-on-Year (YoY) in 2021, while the value of digital transactions increased by a corresponding 153% YoY.
“Given that HNB had already captured the lion’s share of the market in digital merchant acquisition even before the pandemic, we leveraged these experiences to ensure that even businesses which were initially unsure of digital payments were able to seamlessly adapt and integrate these technologies into their total business model. The results of these efforts are compelling as reflected in the massive uptake
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The Commercial Bank of Ceylon has announced that ComBank Q+ Payment App, the first Quick Response (QR) based payment app to be launched on the LANKAQR platform, is now being used by over 50,000 customers who have embraced the convenience and security of the cashless digital payment solution offered by the Bank.
The App went through a series of upgrades even as the Bank stepped up its promotion as part of its support to the Central Bank of Sri Lanka’s post-lockdown initiative to popularise QR code-based payments via LANKAQR.
ComBank Q+ Payment App was designed as a convenient and hassle-free payment alternative for Credit, Debit and Prepaid Card holders and merchants, taking them to the next dimension of digital payments, the Bank said. After the launch of the app that enabled cardholders to pay for purchases via their mobile phones simply and securely by scanning the merchant’s QR code, the app underwent several functionality-enhancing upgrades.
HNB-Sun Lanka partnership
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