CBSL Governor, Ajith Nivard Cabraal (center) with HNB MD/CEO, Jonathan Alles (third from left) and Singer Sri Lanka Chairman, Mohan Pandithage (third from right) with (from left) HNB DGM- Retail and SME Banking, Sanjay Wijemanne, CBSL Assistant Governor, Dharmasiri Kumarathunga, Singer Group CEO/ Director, Mahesh Wijewardene and Singer Board Director, Sarath Ganegoda at the ceremony   

Pioneering the nation’s evolution in cashless and contactless payments, HNB PLC partnered with Singer Sri Lanka to launch the Dynamic QR facility for the latter’s PoS (Point of Sales) terminals across the island. 

Joining a list of growing tier-one merchants adopting the new technology, Singer will now offer its customers the facility of making a direct payment for their goods via Dynamic QR, in which a unique code is generated for each transaction. 

Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal graced the ceremony held to launch the facility together with CBSL Assistant Governor, Dharmasiri Kumarathunga, HNB Managing Director /CEO, Jonathan Alles, Singer Sri Lanka Chairman Mohan Pandithage, Singer Group CEO/ Director Mahesh Wijewardene and Singer Board Director Sarath Ganegoda.

“It is imperative that we make digital payments fast, effective, easy and secure in order to maintain the momentum we have built up to now in Sri Lanka’s digitalization journey across all spheres of the economy. 

The Dynamic QR code facility is the next step in our journey, and we are delighted to see these bold new initiatives supported by the banking industry,” CBSL Governor said, addressing the gathering.  

Notably, the tech evolution brought about by the HNB - Singer partnership supports the CBSL’s LANKAQR ‘Janagathakaranaya’ campaign to ensure all QR code-based transactions are standardized and interoperable, facilitating faster, secure and low-cost digital payments to merchants. 

“Even though the pandemic drove the initial conversion to QR based payments, we have experienced a new wave of customers coming on board for the added convenience and reliability offered by platforms like HNB SOLO. 

Digital wallets connected to LANKAQR have opened up new market segments which are rapidly gaining traction. HNB is uniquely positioned to drive this expansion given our robust tech infrastructure,” HNB Managing Director /CEO Jonathan Alles said.  The innovation is also beneficial to merchants as the integration of HNB’s system with the merchant’s cash PoS results in real-time confirmation of the purchase credited to the merchant’s account.

 
Additionally, the transaction fee that the merchants are levied for using the ‘LANKAQR’ platform is significantly lower than the fee charged by international debit/credit card brands.

Moreover, the partnership will enable all Sri Lankans, including customers of other banks, to complete transactions with Dynamic QR codes.

“The challenging conditions brought on by the pandemic have tested us all in unique ways, and each of us has had to find ways to adapt to the new normal. 

As Sri Lanka’s undisputed leader in consumer durables, we understand the value of providing our customers with every convenience possible. The addition of Dynamic QR codes represents the latest in a long series of innovations introduced by Singer,” Singer Sri Lanka Chairman Mohan Pandithage said.