Pioneering the nation’s evolution in cashless and contactless payments, Sri Lanka’s most innovative private sector bank HNB PLC, partnered with Singer Sri Lanka to launch the Dynamic QR facility for the latter’s PoS (Point of Sales) terminals across the island.
Joining a list of growing tier-one merchants adopting the new technology, Singer will now offer its customers the facility of making a direct payment for their goods via Dynamic QR, in which a unique code is generated for each transaction.
“The Dynamic QR code facility is the next step in our journey, and we are delighted to see these bold new initiatives supported by the banking industry,” CBSL Governor Ajith Nivard Cabraal said, addressing the gathering.
Notably, the tech evolution brought about by the HNB - Singer partnership supports the CBSL’s LANKAQR ‘Janagathakaranaya’ campaign to ensure all QR code-based transactions are standardized and interoperable, facilitating faster, secure and low-cost digital payments to merchants.
The new tech eliminates the need to manually enter the payment value, increasing customer convenience and avoiding errors. This allows customers using an app linked with the LANKAQR initiative to make contactless purchases at stores by simply scanning the Dynamic QR, which appears on the display screen of the Point of Sale (PoS) machine.
“Digital wallets connected to LANKAQR have opened up new market segments which are rapidly gaining traction. Dynamic QR is another milestone in our digital transformation journey, and we are delighted to launch this partnership with an organization of the calibre of Singer Sri Lanka with the patronage of the CBSL,” HNB Managing Director /CEO Jonathan Alles said.
The innovation is also beneficial to merchants as the integration of HNB’s system with the merchant’s cash PoS results in real-time confirmation of the purchase credited to the merchant’s account. Additionally, the transaction fee that the merchants are levied for using the ‘LANKAQR’ platform is significantly lower than the fee charged by international debit/credit card brands.
Moreover, the partnership will enable all Sri Lankans, including customers of other banks, to complete transactions with Dynamic QR codes.
“The addition of Dynamic QR codes represents the latest in a long series of innovations introduced by Singer, that leverage technology to make the lives of our customers easier and better,” Singer Sri Lanka Chairman Mohan Pandithage said.
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