BOC hosts LANKAQR program in Matara

Tuesday, 20 April 2021 01:45 - - {{hitsCtrl.values.hits}}

Supports Central Bank’s ‘Matarata QR’ event, promoting cashless transactions through ‘Rata Purama LANKAQR’

BOC conducted a specialised LANKAQR program on 3 April, supporting the Matara-leg of CBSL’s ‘Rata Purama LANKAQR’ campaign which was kicked off with an event on the same day.

A country-wide promotion campaign commenced last year with the intent of introducing LANKAQR as the norm for mobile phone and digital payments, CBSL’s ‘Rata Purama LANKAQR’ initiative has made steady progress in furthering the cause of a cashless, digital-based society alongside improved financial inclusion in Sri Lanka.

Hosted at St. Mary’s Convent, Matara, BOC’s ‘Matara QR’ event drew the participation of representatives from leading financial institutions associated with the LANKAQR initiative, together with BOC officials including DGM Sales and Channel Management Priyal Silva, AGM Southern Province Ajith Karunarathne, and AGM Digital Products Promotion K.P. Mallika.

The BOC’s ‘Matara QR’ effort, as with previous ‘Rata Purama LANKAQR’ support initiatives held by BOC in Colombo, Galle, and Kandy, focused on progressing the CBSL program’s vision of introducing and promoting digital transactions as the new standard countrywide.

Developed by CBSL, LANKAQR is a common Quick Response (QR) code standard, and widely adopted by the country’s leading banks and financial institutions following the CBSL-issued national directive last year, it will allow them to offer their customers quick, safe and low-cost digital payments to merchants and service providers, using digital payment apps and platforms.

The improved payment conveniences facilitated through QR-based digital payments will enable a range of benefits to individual customers and businesses as well. While providing customers anytime, anywhere payment capabilities, the system also offers real-time transaction conveniences to merchants including SMEs, which will assist in developing a richer economic space in towns country-wide.

BOC’s ‘Matara QR’ program held in line with CBSL’s wider ‘Rata Purama LANKAQR’ initiative, helped create greater awareness on what QR payments involve and the numerous benefits they offer both individual customers and small businesses, allowing for improved digital adoption and inclusion in the Matara locale. BOC has become the largest acquirer and issuer of QR transactions in Sri Lanka recording Rs. 112 m transactions during the first two months in year 2021.