DFCC Bank and Mintpay Forge Ahead with an Innovative Partnership to Extend ‘Buy Now, Pay Later’ Offering for Debit Cardholders
May 30, 2024
DFCC Bank, a pioneer in Sri Lanka’s digital financial services, has forged a strategic alliance with Mintpay, the country’s premier financial app. This partnership introduces unique payment options for debit cardholders, such as “Buy-Now-Pay-Later” (BNPL) and “Pay Now,” a feature not commonly found in the market. By integrating DFCC Bank’s Internet Payment Gateway with Mintpay, we are set to revolutionise the financial landscape, enhancing financial flexibility for all debit cardholders.
DFCC Bank will thus be able to provide attractive options for BNPL to their debit cardholders, while Mintpay will benefit from leveraging the bank’s Internet Payment Gateway and extensive acceptance network. Accordingly, any debit cardholder now has the option to “Pay Now” or “BNPL” and spread their purchase costs into three interest-free instalments for all online and in-store purchases via Mintpay. This flexibility reflects DFCC Bank’s commitment to meeting the evolving needs of their customers and providing any debit cardholder with convenient payment solutions tailored to their preferences.
Denver Lewis, Vice President/Head of Card Centre at DFCC Bank, commented, “We are delighted to partner with Mintpay, the first homegrown payment platform to offer merchants and debit cardholders a seamless online experience by enabling the Buy-Now- Pay-Later payment option. The partnership has set up a benchmark in introducing a new payment acceptance instrument for e-commerce merchants and financial inclusivity for debit cardholders by offering the instalment payment option for their purchases.”
One of the most significant outcomes of this partnership is the expanded market reach for both DFCC Bank and Mintpay. By offering the BNPL options through DFCC Bank’s Internet Payment Gateway, Mintpay will be able to tap into a vast customer base, significantly expanding its market presence. Similarly, DFCC Bank will benefit from the increased transaction volumes and enhanced visibility resulting from this collaboration. This partnership is about two entities coming together, reshaping the financial landscape, and setting new standards for financial inclusivity.
The head of Finance at Mintpay, Piuma Wijesinge, added, “The agility of Mintpay’s technology has paved the way for dynamic partnerships, exemplified by our collaboration with DFCC Bank, setting new benchmarks in financial inclusivity and ethical consumer behaviour in Sri Lanka.”
DFCC Bank and Mintpay’s joining hands represents an important milestone for digital banking and finance in Sri Lanka. It marks a collaborative effort towards further innovation and customer-centricity. Accordingly, this partnership addresses the evolving needs of consumers and sets new standards for financial inclusivity and ethical consumer behaviour.
Left to Righ- Nadev Ravindran- Head of Brand and Marketing, Mintpay, Piuma Wijesinghe- Head of Finance, Mintpay, Aasiri Iddamalgoda- Senior Vice President,Head of Retail Banking and SME, DFCC Bank, Chrishan Jayamanne-Senior Manager Merchant Acquiring, DFCC Bank and Jude Amarasekera – Assistant Manager, Merchant Acquiring, DFCC Bank.
About DFCC Bank
DFCC Bank is a full-service commercial bank with a rich history of 68 years and offers a diverse range of commercial and development banking services. As part of its Sustainability Strategy 2020-2030, the Bank aims to become a leading institution contributing to greater resilience by creating resilient businesses and supporting green financing and sustainable, socially responsible entrepreneurship. The Bank has received numerous accolades, including being named the ‘Most Trusted Retail Banking Brand’ and the ‘Best Customer Service Banking Brand’ in Sri Lanka in 2021 by Global Brands Magazine UK and ‘Market Leader and Best in Service in Cash Management 2022’ by Euromoney. Additionally, DFCC Bank is ranked among Business Today’s Top 40 Corporates in Sri Lanka, is rated A- (lka) by Fitch Ratings Lanka Limited and is regulated by the Central Bank of Sri Lanka. Attesting to its commitment to sustainability, DFCC Bank is also the first, and presently only, entity in Sri Lanka to have received accreditation from the Green Climate Fund (GCF), granting it access to concessionary funding worth USD 250 million to support climate mitigation and adaptation projects across the Island.
