Lanka Pay to revamp Lanka Remit
Lanka Pay, after launching a digital wallet, Alipay and gearing to launch WeChat Pay by the month end, is also working on revamping Lanka Remit to provide an inclusive solution to foreign tourists, top officials said.
Channa De Silva, CEO of Lanka Pay told The Sunday Times Business that with the Lanka Remit revamp, foreign tourists can attach all their credit cards and use a common QR code for payments. Lanka Pay is partnering with MasterCard and will launch it as soon as possible, he added.
In 2023, a memorandum of understanding was signed with Alipay, a payment app and e-wallet, for technical implementation and WeChat Pay, a payment feature that is integrated into the Chinese WeChat app. While Alipay was launched a few weeks ago, the WeChat app will be launched within this month, enabling more than 400,000 Lanka QR merchants to accept payments from Chinese tourists. The Sunday Times Business reported this story on January 26 this year.
“Last year, Indian tourists were 400,000, and it’s likely to be doubled this year. We are expecting a significant increase in Chinese tourist arrivals, which were in the fifth-place last year,” Mr. De Silva further explained.
The Commercial Bank in Sri Lanka became the first bank to enable Alipay Key wild card payment under Unified Lanka QR, extending highly paid services to all Lanka QR merchants, a project initiated by the Central Bank of Sri Lanka to standardise QR codes and transactions.
The HNB recently announced the elimination of Merchant Discount Rates (MDR) for LANKAQR transactions among appointed merchants to promote financial inclusivity for small and medium enterprises (SMEs). The initiative, which aims to make digital payments more accessible and cost-effective for businesses, is targeted at the start of the Avurudu season and will be valid for three months from April 1st to June 30th.
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