Demonstrating its commitment to technology innovation in the financial services space, Cargills Bank was the first financial institution to issue and acquire LANKAQR transactions in Sri Lanka. The Bank has been at the forefront of facilitating technology-based payment solutions in Sri Lanka, and is also the acquiring bank for six Fintech Payment Apps with JustPay, the local digital payments platform regulated by the Central Bank that facilitates retail payments by directly transferring funds from the customer’s account to the merchant’s account. Three of these Fintech Payment Apps are certified as LANKAQR compliant, and together with this network Cargills Bank has facilitated the LANKAQR payment option for over 2500 retailer merchants across the country, enabling broader participation in the digital transformation of financial transactions across the society.
Cargills Bank achieved another first when it enabled the acceptance of LANKAQR payments at Cargills Food City outlets, allowing customers to purchase their groceries with a more convenient and secure checkout experience. Cargills Food City was the first supermarket chain to accept LANKAQR payments. With a view to increase adoption of the LANKAQR payment method, Cargills Bank also facilitated acceptance of LANKAQR payments for local Micro, Small and Medium Enterprises (MSME) at the recently launched Cargills Village to Home initiative, which gives budding local entrepreneurs a platform to showcase their products at selected Cargills Food City outlets each weekend.
LANKAQR is the National Quick Response Code (QR) standard introduced by the Central Bank of Sri Lanka (CBSL) for local currency payments with the aim of establishing a standard for payments carried out via mobile phones. This innovative digital payment solution was officially launched on the 05th of October 2020 under the patronage of the Minister of Trade Hon. Dr. Bandula Gunawardena and in the presence of State Minister of Money & Capital Market and State Enterprise Reforms Hon. Ajith Nivard Cabraal.
Built on the vision of financial inclusivity, Cargills Bank is fully supportive of the Central Bank’s vision to transform Sri Lanka into a cashless society. The benefits of cashless transactions include enhanced safety, security, speed and convenience in making the transaction. As consumers now seek alternative payment options, Cargills Bank believes that cashless mobile payments will become increasingly widespread and popular as more merchants and consumers adopt LANKAQR.
Managing Director/CEO of Cargills Bank, Mr. Senarath Bandara said: “We are delighted to support the Central Bank in its drive to promote a cashless society. Cargills Bank’s mission is to effectively utilize technology to directly engage each customer at their convenience through our unique and far reaching network. Our first foray with QR payments was for our Cargills Cash product, which enables our customers to withdraw and deposit money or pay their grocery bills at any Cargills Food City outlet directly from their Bank account using a QR code generated by their Cargills Bank Mobile Banking App. We have now extended this payment option to all customers of Cargills Food City using LANKAQR. At present, 10 Cargills Food City outlets are ready to accept LANKAQR payments, and we will gradually roll out acceptance across the Cargills Food City chain’s 400+ outlets around Sri Lanka. I would like to highlight the commitment and effort of our IT and Operations teams for making this possible.
“Digital payments are still at a nascent stage in Sri Lanka, and the medium has tremendous opportunity to grow. We will continue to support the Central Bank by growing the number of merchants that accept LANKAQR, giving customers a novel, convenient, safe and hassle-free shopping experience.”