DFCC pushes towards cashless future with LANKAQR | Daily News

DFCC pushes towards cashless future with LANKAQR

Prof. W D Lakshman, Governor, CBSL presented a plaque to Denver Lewis Vice President/Head of Card Centre, DFCC Bank. Dharmasri Kumaratunge, Director Payments and Settlements, CBSL. Chrishan Jayamanne, Manager Merchant Acquiring DFCC Bank and R A A Jayalath, Assistant Governor, CBSL look on.
Prof. W D Lakshman, Governor, CBSL presented a plaque to Denver Lewis Vice President/Head of Card Centre, DFCC Bank. Dharmasri Kumaratunge, Director Payments and Settlements, CBSL. Chrishan Jayamanne, Manager Merchant Acquiring DFCC Bank and R A A Jayalat

Following the launch of the national LANKA QR initiative, “Rata Puraama LANKAQR” on October 5, at the Central Bank of Sri Lanka (CBSL), DFCC Bank was amongst the first financial institutions to gain LANKAQR certification.

This partnership with CBSL to mobilize the “Rata Puraama LANKAQR” project which will support ease of transactions for people in all walks of life is well in line with the corporate strategy of becoming the most customer-centric and digitally-enabled bank.

DFCC Bank launched its QR based DFCC Pay App in January 2019 and was one of the first banks to be certified for LANKAQR standard which is now accepted as the national common QR used to process smart mobile device based local currency payments.

The DFCC Pay App permits customers to make retail payments using smart mobile devices through funds available in their current or savings account to the merchant’s account directly. The DFCC Pay App provides a convenient, secure and affordable option for making retail payments which is otherwise primarily made by cash. DFCC Credit Cards can also be added to the DFCC Pay App to facilitate Visa QR local and overseas transactions at VISA QR enabled merchant outlets through a smart mobile device.

Similarly, the DFCC Pay Merchant App can be used by all types of merchants in the country from large corporates, SMEs to wayside vendors to accept these payments. Speaking on the inclusion of DFCC Bank as a LANKAQR certified institution, Lakshman Silva, CEO - DFCC, stated “DFCC gaining LANKAQR certification resonates well with our objective of being a true Bank for everyone. When we as a financial institution consider the benefits that this initiative will provide for the people of Sri Lanka, it is clear that LANKAQR will result in more financial inclusion,”

“As a Bank, we too have a responsibility to ensure that our citizens embrace new technologies as we bridge the gap toward a cashless future. The success of our DFCC Pay app which allows for these transactions to take place is also a clear indication that our efforts have paid off.”

Given the numerous benefits to the economy and the public, CBSL together with DFCC and other financial institutions aim to increase the availability of LANKAQR in Sri Lanka to one million merchants by the end of 2020.