21 March 2023 04:12 am Views - 363
People’s Bank has stepped forward once again to strengthen Sri Lanka’s economy by saving valuable foreign exchange via a partnership with LankaPay to issue debit cards under the National Card Scheme (NCS).
With this initiative, People’s Bank became the first bank in the country to simultaneously fulfill both issuer and acquirer functionalities of LankaPay debit cards.
People’s LankaPay debit card provides customers with a range of benefits including the lowest ATM withdrawal fees of Rs. 15 per transaction via other bank ATMs.
Customers can also use this debit card for Point of Sales (POS) transactions at over 42,000 terminals island-wide.
Increased usage of these cards would result in bringing down the current merchant commission (MDR) of around 3-3.5 percent to a much lower 1 percent, which will make card transactions more affordable, especially to SME merchants. This benefit is expected to be passed down to the customers as the smallest merchants currently add the MDR to the value of the goods/services, which has been a primary reason for the slower penetration of card payments in the country.
Another unique feature of the People’s LankaPay debit cards issued this time is the dual functionality it holds where there is a stored value element in addition to the debit card feature within the same card. Partnering with the Central Bank, the Ministry of Transport, the National Transport Commission (NTC), Sri Lanka Transport Board (SLTB) and LankaPay, People’s Bank has already started a pilot project in the Southern expressway to issue transit cards.
Using this capability, commuters will be able to pay their transport fare by simply tapping their cards on the ticket machine available with the bus conductor. After the successful pilot run, People’s Bank will further expand this Transit Card national initiative to other routes as well.
Commenting on the bank’s latest achievement, People’s Bank Chairman Sujeewa Rajapakse stated “As a nation-minded entity, we are delighted to be a part of this national initiative, which saves valuable foreign exchange for the country in this hour of need. As the leader in introducing cutting-edge technology to the nation, we are confident that this solution will pave the way for many more futuristic value additions in the near future”.
People’s Bank’s Acting CEO/GM Clive Fonseka, expressing his views on reaching this milestone said “This is yet another perfect example of how modern technology can be used to offer viable and practical solutions that provide true value to the general public. Such achievements further re-affirms People’s Bank’s objective of becoming the country’s leader in the use of technology for the benefit of everyone.”
Under the guidance of the Central Bank, LankaPay launched the National Card Scheme in partnership with JCB International - an International Card Scheme headquartered in Japan, which is present in many territories including China, India, Indonesia and Thailand with over 150 million cardholders and over 41 million merchant points worldwide.
As a result of this partnership, LankaPay debit cards will be accepted overseas through JCB network.
JCB is one of the six members of the EMVCo alliance. EMV is a registered trademark in the U.S.A and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.
Chairman of People’s Bank Sujeewa Rajapakse presented the first People’s LankaPay debit card to the Chairman of the University Grants Commission of Sri Lanka Senior Professor Sampath Amaratunge at an event held at People’s Bank Head office in Colombo 02 recently.
Also present at the occasion were Chairman of LankaClear Kenneth De Zilwa, Acting Chief Executive Officer/ General Manager of People’s Bank Clive Fonseka, Director, Payments and Settlements Department of Central Bank of Sri Lanka Vasantha Alwis, GM/ CEO of LankaClear Channa De Silva, Consultant to JCB International (for Sri Lanka) Lakshman Liyanage, Deputy General Manager (Payment, Process Management & Quality Assurance) of People’s Bank Nilmini Premalal, Chief Information Officer Dhammika Dasa, Head of Marketing Nalaka Wijayawardana, Head of Cards Jayanath Dias, Chief Manager (Cards) Prasad Marasinghe and Manager Cards Business Chalani Senanayake.