Bank of Ceylon (BOC) has partnered with UnionPay International (UPI) to offer UnionPay QR code payment service in Sri Lanka. UnionPay is the first global card scheme to partner with BOC to enable QR code payment service in Sri Lanka, BOC announced.
With this collaboration, Bank’s merchants with LANKAQR QR will also accept UnionPay QRC, enabling UnionPay App holders to make QR payments in Sri Lanka. Anyone, who has a wallet with UnionPay QRC enablement can scan the Bank of Ceylon QR code at merchant locations and pay for goods and services.
“As the largest Bank in Sri Lanka, we are proud to join with the global card Scheme, UnionPay for introducing QR Code payments enabling all BOC SmartPay QR merchants to accept payments from any tourist or foreigner with UnionPay enabled QR App. With this new facility, SmartPay App will be more popular among our merchants and the leading position secured by us in QR Transactions in Sri Lanka will be improved further. So, this would be a good opportunity for both BOC and UPI to improve their business turnover and market share and enhance the digital footprint in Sri Lanka’’ stated the General Manager, Bank of Ceylon, Mr. K E D Sumanasiri at the launching ceremony held in par with the bank’s 82nd Anniversary.
“We are honoured to partner with Bank of Ceylon to enable UnionPay QRC payment service in Sri Lanka. Any customer who has the capability of using UnionPay QRC will be able to perform transactions more easily and conveniently to merchants who accept QRC payments in Sri Lanka. This fully reflects UPI’s support for local supervision and is believed to be conducive to Sri Lanka's economic recovery after the COVID-19 pandemic. We are very keen to further expand the relationship with BOC in the near future to enhance the payment industry in Sri Lanka” said Michelle Shao, General Manager of UPI HK Branch, joining the event virtually from Hong Kong.
The UnionPay QRC is generated in conformity with EMVco standards and in accordance with guidelines provided by UnionPay. Hence it ensures interoperability and customers in mainland China can also use this QRC in addition to UnionPay customers in other countries and regions around the world.
Leading the Sri Lankan Banking industry with 82 years experience, Bank of Ceylon has become the most stable and the trusted bank in the country that serves Sri Lankans from all walks of life helping them to build their lives and making themselves financially stable whilst uplifting the country’s economy. Lanka QR Payments introduced through SmartPay App has enriched the digital payment ecosystem across the country with approximately 400,000 users and over 50,000 merchants and has created positive reinforcement on the customer perception towards digital banking due to the self registration, user friendliness and fast and simple payment process. In addition to SmartPay, BOC has an array of digital banking solutions under its wings to facilitate its customers such as SMART Online Banking and Mobile Banking (B App), e-commerce enabled debit cards, BOC Connect (Agent Banking), Branch on Wheels (Mobile Branches), Smart Zones, BOC Digi (digital branches), Smart Passbook (e-passbook), SmartGen accounts (a digital account which does not require any paperwork to maintain), Apply online (for accounts opening and personal/housing loan requests) and also internet payment gateway.
UPI is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 2,400 institutions worldwide, UPI has enabled card acceptance in 180 countries and regions with issuance in 70 countries. UPI provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base, and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
