DFCC reaffirms continued support of CBSL’s Rata Puraama QR payment initiative
January 2, 2021
As an unwavering partner in the Central Bank of Sri Lanka’s efforts to reduce the usage of physical cash by promoting QR payments under the Rata PuraamaQuick Response (QR) initiative, DFCC, the bank for everyone, recently conducted a promotional campaign at the Narahenpita Economic Centre in line with this objective. The successful promotional campaign resulted in increased awareness and usage of DFCC Pay App that enables QR code transactions. As the Narahenpita Economic Centre is an important hub for trade in Colombo, many vendors and customers were able to gain insight into the convenience of using a QR-based payment method via DFCC Pay App.
As the Sri Lankan population has started to embrace avenues of new technology which offer greater convenience and security, DFCC has assumed an active role in supporting the CBSL’s vision of building a cashless future. As a financial institution which continues to leverage the use of advancements in technology and digitalisation, it is expected that the shared values of DFCC and the CBSL will result in an even faster adoption of QR technology among the general public.
DFCC is no stranger to the benefits of enabling their customers to use QR-based payment methods. The launch of DFCC’s pay app in January 2019 resulted in the bank becoming among the first financial institutions to be certified for the LANKAQR standard which is now accepted as the national common QR.
The trailblazing Pay App permits customers to make retail payments using smart mobile devices through funds available in their current or savings account to the merchant’s account directly. The DFCC Pay App provides a convenient, secure and affordable option for making retail payments which is otherwise primarily made by cash. DFCC Credit Cards can also be added to the DFCC Pay App to facilitate Visa QR local and overseas transactions at VISA QR enabled merchant outlets through a smart mobile device.
Similarly, the DFCC Pay Merchant App can be used by all types of merchants in the country from large corporates, SMEs to wayside vendors to accept these payments. DFCC Bank QR Merchants can accept payments even with the use of a basic feature phone as the payment confirmation can be sent as an SMS Alert.
DFCC Bank is a full-service Commercial Bank with a legacy of 65 years as one of Sri Lanka’s foremost financial conglomerates offers a gamut of commercial and development banking services. The Bank was ranked amongst Business Today’s Top 30 Corporates in Sri Lanka and was also positioned amongst Brand Finance’s Top 100 Most Valuable Brands, 2020. DFCC Bank is rated [SL] AA- Stable by ICRA Lanka Limited and A+ (lka) Stable by Fitch Ratings Lanka Limited.
Presenting a QR Code, POS Material to a merchant at the Narahenpita Economical Center by Mr. Chrishan Jayamanne, Manager Merchant Acquiring DFCC Bank (Middle) during the promotional campaign