Bank of Ceylon, Sri Lanka's leading state owned Bank, has launched an innovative mobile payment service "BOC PayMate", SMS based mobile payment facility for over 6 million banking customers, introducing them with hassle free banking for the first time in the bank's history.
This new service has been introduced to coincide with the 71st anniversary of the bank which fell on 1st August 2010. Bank of Ceylon Deputy General Manager, Product Development and Branches, Sam Samarasinghe said that their customers have no more headaches of standing in the queue or writing cheque for payment of dues.
The bill payment facility of Bank of Ceylon makes the job of payment of bill month on month completely free of worries. And what's more, this service will be available for all BOC customers absolutely free of cost without any registration or usage charges, he said.
With BOC PayMate, mobile payment facility all Bank of Ceylon's banking customers will now be able to make day to day payments using their mobile phones. To begin with mobile will be accepted at some of Sri Lanka's most reputed retail chains and customers will even be able to make their monthly electricity, water and telephone bill payments via a simple SMS. Mr Samarasinghe noted that some features of this service include the payment across the counter, over the mobile phone, from just about anywhere. PIN based authentication ensures customers are in control of every transaction without having to divulge any credit/ debit card details. The system works on any mobile handset without any GPRS connectivity, SIM change or application download.
This is a testimony to the bank's continuous endeavors to provide innovative products, backed by state of the art technology to its customers. 'BoC PayMate' offers effortless ease and greater speed for settlement of bills, fund transfers from person to person (P 2 P) and inquiry of account balances via SMS, Mr. Samarasinghe said. 'BoC PayMate' raises the potential of the mobile phone to a new dimension, by giving impetus to the drive towards banking without frontiers.
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| Mr. Sam Samarasinghe- Deputy General Manager Product & Development Banking |
'BoC PayMate' will be adorned with a series of value additions and
settlement of bills in favour of Sri Lanka Telecom [SLT], Ceylon Electricity Board [CEB] and National Water Supplies & Drainage Board [NWB], P 2 P fund transfers and balance inquiries are offered under the first stage. SLT, CEB and NWB are at the forefront of supplying utility services to a large number of consumers in Sri Lanka.
'BoC PayMate' will enable BoC customers to settle their utility bills through their mobile phones from their home, offices or any other location, avoiding the compulsion of queuing up at a bill payment centres or a bank branch. Same degree of ease and convenience has been added on to balance inquiries and P 2 P fund transfers too. With 'BoC PayMate', the mobile phone in the hands of the customer becomes handy tool, eliminating the need for a visit to a bank branch or an ATM site.
BoC customers can join the scheme by submitting a duly perfected application to any BoC branch. The application will be processed by the bank's Electronic Banking Unit [EBU] at Head Office and the customer will receive his/her Personnel Identification Number [PIN] on his/her mobile phone through an SMS.
As a security measure the customer is advised to change his PIN on receipt and erase the SMS carrying the PIN provided by the bank. A transaction limit Rs. 50,000.00 per diem is allowed to each 'BoC PayMate' customer and he/she is free to apportion the limit for settlement of bills and P2P fund transfers to suit his/her requirements. For instance, if a customer has utilized Rs. 12,000.00 for settlement of utility bills, he/she is free to use the balance portion of the limit i.e. Rs. 38,000.00 for P2P fund transfer. P 2 P fund transfers are allowed amongst 'BoC PayMate' customers only.
Registration with the respective utility service providers i.e. SLT, CEB & NWB is not a must, but 'BoC PayMate' customers could register themselves with the respective utility service providers through their mobile phones, if required. 'BoC PayMate' customers could initiate any one of the facilities available under 'BoC PayMate' through a few key punches on their mobile phone. Bill payments, on being initiated by the customer will be followed by SMS calling for confirmation from the respective utility service provider. The customer has to confirm the payment by sending a return SMS which should include his PIN and the alpha code issued by the bank. Easy to follow guide lines on operational procedures will be issued to all 'BoC PayMate' customers. Adding further convenience, all mobile phone message formats under 'BoC PayMate' have been made case insensitive.
Four leading mobile phone service providers i.e. Sri Lanka Telecom, Dialog, Mobitel and Etisalat in the country have been included in the 'BoC PayMate' scheme and therefore it is widely opened to all BoC customers without regard to their brand preferences in communication.
The Bank has partnered with a leading banking solution provider on 'BoC PayMate' stringent measures have been incorporated in to 'BoC PayMate' to ensure at its highest levels to the customers.
'BoC PayMate' Customers too can contribute to eliminate risks by erasing all SMSs, both incoming & outgoing, carrying PIN numbers from their mobile phone memory immediately after receipt. Entry into 'BoC Pay Mate' is free and service charges are very competitive, Mr. Samarasinghe said.
The following are excerpts from an interview with Bank of Ceylon Deputy General Manager, Product Development and Branches, Sam Samarasinghe who outlined important facts about this new innovative SMS mobile payment service
Q: Bank of Ceylon has just celebrated its 71st Anniversary. Have you provided any new products or value additions to existing products to your customers to mark this special occasion?
A: The bank has always endeavoured to serve its valued customers by offering value additions - the 71st Anniversary is no exception. Technological innovation has taken banking to new heights and BoC has decided to provide a taste of such innovation and pass on the resulting efficiencies to its valued customers by introducing 'BoC PayMate' Mobile Payment Facility (BoC Pay Mate) in this anniversary month of August. 'BoC PayMate' offers effortless is and greater speed via SMS.
Q: You have just referred to technological innovation. Could you elaborate on the innovations you have provided and how they have benefited the customers?
A: Befitting its image as the Bankers to the Nation, the bank operates a huge network of 308 branches, spread throughout the length and breadth of the country, offering on-line, real time banking services. Banks operations, covering local & foreign, retail & trade finance, treasury & investment areas are powered by state of the art technology and the bank is able to provide tailor made products to suit the special and specific needs of all segments of its customer base.
Q: Coming back to your latest innovation, do you have any specific motives or objectives through this introduction?
A: Prime objective is providing an efficient and expeditious service to our valued customers; give them a taste of technological innovation by adding effortless ease and greater convenience for conducting their business with the bank. With our island-wide branch network and equally wide-spread ATM network we have made banking without branches a reality. With 'BoC PayMate' we have decided to take a further step in this direction and make banking without frontiers a possibility.
Q: 'BoC PayMate' operates through mobile phones. Are mobile phones issued by any service provider in the country accepted for enrollment into 'BoC PayMate'?
A: For the time being, three leading communication service providers are covered by 'BoC PayMate'. They are (1) Mobitel, (2) Dialog & (3) Etisalat. By joining with them we are able to open up this facility to a large number of our customers.
Q: What are the formalities involved in enrollment?
A: All what a customer has to do is submit a duly perfected application to any BoC branch of his choice. The application will be processed expeditiously at Head Office and the customer will be issued with a Personnel Identification Number [PIN], the gate way to his passage along 'BoC PayMate'.
Q: Am I right if I say that the PIN is delivered to the customer through post?
A: No. We have put technology at the service of the customer. He/she will receive the PIN through an SMS on the mobile phone. Customers are advised to change the PIN and erase the SMS carrying the PIN soon after receipt.
Q: Is pre-registration with the respective service providers required to operate on 'BoC PayMate'?
A: It is not a prerequisite. Registered as well as non-registered customers can make avail of the facility. Registration if required could be initiated by the customer himself. It's as easy as punching few key strokes on his mobile.
Q: Please tell us the modus operandi in case of a bill payment.
A: There are 3 steps. (1) Customer initiates the settlement process by sending a SMS following a message pattern which includes amount to be settled to a specified telephone number. (2) Customer receives a SMS calling for confirmation. (3) Customer confirms the settlement by sending a confirmation SMS within three minutes. This SMS will carry his pin as well as an Alpha Code which will be provided by 'BoC PayMate'.
Q: Are P 2 P operations are as simple as bill payments?
A: Operations are almost similar. One of the differences is sender has to include the registered Mobile phone number of the recipient in his initiating SMS. Confirmation and other activities are identical.
Q: Is there any restrictions on the amount which could be settled under bill payments and transferred under P2P?
A: Every 'BoC PayMate' customer will be assigned with a daily transaction limit of Rs. 50,000.00 which he could use for bill settlement as well as for P2P transfers. For an example, suppose a 'BoC PayMate' customer settles utility bills to the value of Rs. 6,000.00 on a particular day. Then, the balance portion of the daily limit i.e. Rs. 44,000.00 and used for P2P fund transfers on the same day . P 2 P transfers are allowed amongst BoC Pay Mate customers only.
Q: Has any mechanism been added on to 'BoC PayMate' to indicate whether a SMS initiated transaction has been completed successfully.
A: Yes, all successful transactions will be confirmed by a return SMS.
Q: What steps have been taken to guard against risks, if any in relation to 'BoC PayMate' Transactions?
A: The Bank has joined hands with a leading banking solutions provider on this project and the combined expertise of the Bank and solution provider has been effectively used to guard against all possible risks. 'BoC PayMate' customers too could strengthen this process by erasing all SMS messages, on and out, carrying PIN numbers from phone memory immediately after receipt.
Q: Is 'BoC PayMate' subject to any charges?
A: Yes, of course. Entry into 'BoC PayMate' is free. But P 2 P and bill settlements are subject to charges which are very competitive. I may call them nominal.
Q: Do you expect 'BoC PayMate' will take to your targets?
A: Yes, I'm optimistic. Mobile phones have become an indispensable tool in the hands of all most all classes and categories of people. The ease and speed provided by Mobiles no doubt will be welcome by all classes of businesses too and Banking is no exception. 'BoC PayMate' assures effortless ease and much desired speed and therefore I am optimistic of its success |
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