PickMe partners with LankaQR to reduce dollar outflow

Tuesday, 14 September 2021 02:07 - - {{hitsCtrl.values.hits}}

PickMe, Sri Lanka’s Number One ride-hailing company, recently partnered with LankaQR to facilitate direct payments.

LankaQR (LQR) is a common Quick Response (QR) code standard adopted by financial institutions in Sri Lanka to facilitate fast, secure and low-cost digital payments to any merchant, especially small and medium enterprises. It enables customers to pay merchants directly from their bank accounts (CASA), and credit and debit cards, using a LankaQR compliant mobile payment app. PickMe has also enabled Master and Visa network QR payments simultaneously through this initiative. Its goal is to deliver a convenient and safer experience to its customers, merchants and drivers.

“As a registered Sri Lankan company, we believe it is crucial at this juncture to enable transactions that are done locally in terms of transferring funds. Not only is it convenient for our customers but it is also the best thing for the nation, especially now,” says PickMe CEO Zulfer Jiffry.

PickMe customers can now pay their fares via the LankaQR common QR code. The easy-to-use QR code system allows customers to simply scan and authenticate their payments for rides or deliveries. Payments can be made through smartphone or tablet that has the LankaQR enabled app.

“With the dollar continuing to rise against the rupee, we have taken a decision to do everything possible to reduce pressure on the demand. This is why we have opted to provide this very local option to our customers. We hope to make our customers aware at this very crucial time for the Sri Lankan economy, that every time they do transactions which culminate outside the country, it only helps the current crisis to become bigger. We really don’t need to compromise our much-needed dollars to buy our daily needs or pay for our food and taxis,” reiterated Jiffry.

“We are happy that PickMe has included this method of payment in their offering because these will be domestic transactions that would ease pressure on the dollar demand. This step by PickMe is a boost to local solutions,” says Central Bank of Sri Lanka Director – Payments and Settlements Dharmasri Kumaratunga.

The use of a QR code also ensures safety since it is a cashless transaction, which limits unnecessary contact and helps maintain hygiene during these pandemic times. PickMe is in the process of partnering with banks on the LankaQR platform to further ensure ease of payments to their customers.

Currently both India and China have prioritised QR code payments. India launched Bharat QR in October 2020. According to a report released by the Chinese card payment giant, China UnionPay, 85% of users had scanned QR codes to pay last year, indicating how well the system had integrated with Chinese consumers’ daily lives.

“Payment methods using QR codes are tried and tested and have been in use around the world for several years now. We believe this effective and convenient platform is the way forward for both our customers and merchants,” said Jiffry.