SDBbank to acquire mobile payment platform

SANASA Development Bank PLC (SDBbank) yesterday said it entered into a deal to purchase a mobile payment platform for Rs.20 million.

A stock market disclosure by the bank said it signed a sales agreement with Payment Services (Pvt.) Ltd to acquire the UPay mobile payment platform, with effect from June 10, 2019, subject to the approval of the Central Bank.

The lender said UPay will enable it to carry out cashless transactions by linking bank accounts, debit cards and credit cards.

“By using this application, the customers can purchase products and services via their smartphones,” the bank said.