Euronet Worldwide’s Digital Integrated Payments Cloud powers Sri Lanka’s first QR code-based payment app
August 19 2019 - 9:30PM
Euronet Worldwide (NASDAQ: EEFT) 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, Mr. 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.”
About Euronet Worldwide,
Inc.
Euronet Worldwide is an industry leader in
processing secure electronic financial transactions. The Company
offers payment and transaction processing solutions to financial
institutions, retailers, service providers and individual
consumers. These services include comprehensive ATM, POS and card
outsourcing services, card issuing and merchant acquiring services,
software solutions, cash-based and online-initiated
consumer-to-consumer and business-to-business money transfer
services, and electronic distribution of digital media and prepaid
mobile phone time. Euronet's global payment network is
extensive – including 46,636 ATMs, approximately 307,000 EFT
POS terminals and a growing portfolio of outsourced debit and
credit card services which are under management in 54 countries;
card software solutions; a prepaid processing network of
approximately 700,000 POS terminals at approximately 325,000
retailer locations in 51 countries; and a global money transfer
network of approximately 385,000 locations serving 160 countries.
With corporate headquarters in Leawood, Kansas, USA, and 65
worldwide offices, Euronet serves clients in approximately 170
countries. For more information, please visit the Company's website
at www.euronetworldwide.com.
About The Commercial Bank
Ceylon
The only Sri Lankan Bank to be ranked among the
world’s top 1000 banks for nine years consecutively, Commercial
Bank operates a network of 266 branches and 847 ATMs in Sri Lanka.
The Bank has won more than 40 international and local awards in
2018.
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 PyiTaw; the Maldives, where the Bank has a fully-fledged Tier I
Bank with a majority stake.
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 Cards in the Silver, Gold and Platinum tiers of Visa and
Mastercard as well as Visa Signature, World Mastercard and Visa
Infinite cards in the premium segment. The cards are equipped with
‘Tap n Go’ NFC technology and are backed by a strong NFC
Point-of-Sale (POS) network.
ContactStephanie TaylorEuronet
Worldwide, Inc.+1-913-327-4200
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