Extends Strategic Partnership with Paycorp International Becoming the First Local Bank to Enable Dynamic Presented Merchant LankaQR Codes
Colombo, January, 2022: Sampath Bank PLC (Sampath Bank), in partnership with Paycorp International (Private) Limited, a wholly-owned subsidiary of Bancstac (Paycorp International), became the first local bank to enable businesses to automatically generate dynamic merchant LankaQR codes through the Sampath Bank Payment Gateway without any technical integration required by the merchant. This innovation allows businesses to accept payments from all LankaQR enabled apps and digital wallets at much lower transaction costs than traditional credit card payment methods.
Sampath Bank customers at present can accept payments from Visa, Mastercard and UnionPay International card through the Sampath Payment Gateway and in partnership with Paycorp International, businesses can also accept American Express, Diners Club and Discover Network.
Darshin Pathinayake, Assistant General Manager Card Centre, Sampath Bank, said: “At Sampath Bank, we have always strived to leverage emerging technologies to deliver innovative solutions that transform Sri Lanka’s financial services landscape, and add more value to the nation. Empowering businesses with the necessary finances and the right solutions through every stage of their growth journey remains one of our key areas of focus. We have continued to enable businesses to take their first steps into the world of digital commerce. We are excited to strengthen our partnership with Paycorp International and in so doing enhance our customers’ payment acceptance capabilities. Sampath Bank business and government customers may now seamlessly accept payments from six of the world’s major issuers and LankaQR, which will help drive sales and business growth. This is yet another innovative solution to have been developed through our longstanding partnership with Paycorp International. We invite businesses of all sizes to simplify the payments processes on their e-commerce portals and internet connected devices.”
Evan Lau, Director, Bancstac, said: “We are committed to a vision of modernising Sri Lanka’s digital payment economy and promoting cashless transactions by launching innovative and frictionless payment experiences for businesses, government and the communities we serve. Our long-term strategic partnership with Sampath Bank has enabled us to achieve many firsts. Our latest innovation, LankaQR dynamic presented codes by merchants via the Sampath Payment Gateway, further reinforces our track record of successfully developing and launching modern payment technology ecosystems. Enabling LankaQR to achieve near real-time payment and settlement capability that democratises e-commerce by making it more accessible and affordable for businesses to accept digital payments without any technical knowledge.”