LankaPay thrives with consumer confidence this Avurudu

Friday, 24 April 2015 01:17 - - {{hitsCtrl.values.hits}}

Sri Lanka’s largest common ATM network LankaPay recorded a mammoth threefold growth in ATM transaction volumes and fourfold growth in values within the first 15 days of the April Avurudu season. The national payment network operator recorded over one million ATM transactions through the LankaPay switch to the value of over Rs. 5 b during the first 15 days of April.

With Bank of Ceylon, People’s Bank, Seylan Bank, Hatton National Bank, Commercial Bank, NDB, NTB, Standard Chartered Bank, Union Bank and Cargills Bank connected on the LankaPay network, customers of all 10 member banks now enjoy ultimate convenience of withdrawing cash and checking account balances at over 2,500 ATMs spread all over the country, without having to stand in queues or wasting time and money going in search of their own bank’s ATM. Commenting on the progress of the LankaPay network, LankaClear GM/CEO Sunimal Weerasooriya said: “The numbers we are speaking of on the LankaPay network is special in the sense that every single ATM transaction recorded is a statement from the consumer that he or she has changed a lifelong habit of only using their own bank ATM to true affordable convenience. We are certain that most of the seasonal shoppers would have enjoyed the convenience of our service, saving time and money during the busy festive season accessing their bank accounts at the nearest LankaPay member bank ATM. “The transaction volumes through the network has been growing in leaps and bounds recording a mammoth average month on month growth rate since going live in July 2013 and the month on month growth rate during the six months ended 31 March 2015 was an impressive 7.8%. Just over 18 months into operations LankaPay has won the hearts and confidence of the Sri Lankan consumer and the banking community and this to us, is the most vital factor that will help us in successfully delivering our objectives as the national payment network operator in the country.” LankaClear Ltd., one of the country’s most successful public-private partnerships, is Sri Lanka’s national payment infrastructure provider. The company is jointly owned by the Central Bank of Sri Lanka and all Commercial Banks in the country. LankaClear’s product offering include the Cheque Imaging And Truncation System (CITS), LankaPay – Common Payment Network – Common ATM Switch and SLIPS Electronic Money Transfer Service, LankaSign Certification Authority and Bank CSIRT (Bank Computer Security Incident Response Team) among several other critical payment system infrastructure offerings.