BOC, SLIC to introduce LANKAQR payments for insurance sector | Daily News

BOC, SLIC to introduce LANKAQR payments for insurance sector

Expanding the frontiers of National Quick Response (QR) payment scheme, Bank of Ceylon introduces QR based Life Insurance premium payments in partnership with Sri Lanka Insurance Corporation, the largest insurance provider to the nation.

Bank of Ceylon, with an unparalleled history of 81 years ever to be more resilient and agile towards futuristic banking, has taken many initiatives to uplift the digital payment landscape of the country. LANKAQR standard was introduced by the Central Bank of Sri Lanka and Lanka Clear (Pvt) Ltd to strengthen and regulate the QR payment solutions which will facilitate users to make payments from their own mobile device simply by scanning the LANKAQR code of the merchant or biller.

Bringing the revolution to next level, BOC has introduced dynamic LANKAQR based utility bill payments to popularize the concept of ‘Scan and Pay’ which is simple and convenient for users. It was initially implemented with Sri Lanka Telecom, and BOC further widens its scope by affiliating with Sri Lanka Insurance to facilitate the national insurer’s valued life insurance policy holders with the ease of paying their insurance premiums via dynamic LANKAQR, thus enabling seamless digital payment experience.

The addition of LANKAQR convenient cashless payment option is another important milestone of SLIC’s digital journey. SLIC has introduced wide array of digital payment options such as mobile wallet, Digital banking and bill settlements through supermarket chains and banks to provide convenient customer experience. The recent introduction of ‘SLIC’ customer mobile app has enabled customers to conveniently interact with SLIC on Life and General insurance policy details, online payment options, Claim Details and the Motor Plus loyalty and partner network benefits.

The digital technology partnership between the two industry leaders, BOC and SLIC with introduction of LANKAQR cashless payment option will enable the Sri Lankan Insurance consumer to enjoy the latest cashless digital payment experience.

BOC SmartPay mobile QR payment app was introduced as a simple applet for merchant QR payments has performed beyond expectations andthus far amassed users exceeding 150,000 across the country.

The tides are changing rapidly with change in mindset of customers embracing digital banking doing away with traditional banking. Bank of Ceylon thrives on developing synergies with other corporate entities to optimize digital inclusivity and contributing to the national vision of “digital economy”, empowering the nation in line with initiatives and directions of the Central Bank of Sri Lanka.