Commercial Bank Launches Revolutionary “Tap to Phone” Payment Acceptance with PAYable – Business

Commercial Bank Managing Director and CEO Sanath Manatunge (center) and PAYABLE CEO and Co-Founder Yohan Wijesiriwardane in the presence of (left to right) PAYABLE Managing Director Teresh Amaratunga and PAYABLE Managing Director S. Shanmuganathan and Director Saajid Reyaz and Deputy Commercial Banking General Manager Marketing Hasrath Munasinghe, Senior Card Center Manager Nishantha De Silva, Senior Card Center Manager Seevali Wickramasinghe and Card Center Officer Wishan Fernando

Commercial Bank of Ceylon has become the first Sri Lankan bank to introduce card acceptance via Android smartphones, enabling its merchants to easily and cost-effectively accept card payment transactions, changing the landscape of l digital payment industry in Sri Lanka with this state of the art. -art technology at low cost.
The bank has announced that it will provide this facility in conjunction with PAYable (Pvt.) Ltd, one of Sri Lanka’s leading fintech and digital payment solution providers and has integrated its payment system with PAYable SoftPOS, also known as PAYableTAP, which was developed in partnership with Mastercard and Worldline, a technology company that provides digital payment platforms to the financial industry.

This solution converts any NFC-compatible Android smartphone into a payment acceptance terminal. To enjoy the convenience of this facility, merchants simply need to download the PAYableTAP app, register with the commercial bank and perform Tap and Pay transactions by simply allowing cardholders to tap their credit cards or NFC-enabled debit cards on the device screen to make payments. .

The first of its kind in Sri Lanka, the SoftPOS solution is based on state-of-the-art secure digital payment technology and is one of the easiest to use, the bank said. Commercial Bank has certified this new technology with card schemes and the bank guarantees that the security of smartphone POS transactions is the same as traditional POS transactions.

Designed with an intuitive interface, PAYableTAP is usable in all three languages ​​and eliminates the need for printed receipts as digital receipts are generated after each transaction and sent via SMS or email to the customer. With its simplified payment acceptance methodology, many micro and small businesses are benefiting from the possibility of convenient and secure digital payments, which is imperative for their progress, the bank said. It is also ideal for delivery-based businesses with large passenger fleets and businesses that work seasonally or accept periodic payments.

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