DFCC Bank partners with Visa for micro merchant transactions

DFCC Bank, with the aim of being the most customer-centric and digitally-enabled bank in the years to come, recently partnered with Visa to facilitate digitally driven, cost-effective transactions at Micro Merchant Businesses and increase card acceptance among Micro Merchants in Sri Lanka.

This partnership will further strengthen the transaction processing capability for merchants of DFCC Bank with its low transaction costs, while enabling their ability to shift from cash to accepting card payments.

“With the Sri Lanka Micro Merchant Programme, an initiative by Visa, the bank can process transactions for merchants at a lower cost. The high merchant discount rates offered to this segment have been the main challenge in getting such merchants to accept card-based transactions. With this initiative, the bank intends to bring the small merchant community into the sphere of digital transformation,” the bank said in a media release.

Commenting on this partnership, DFCC Bank CEO Lakshman Silva said, “We are delighted to be a part of this programme as it is another initiative that the bank has introduced to go cashless, and more so with a segment that uses physical cash to conduct their day to day business transactions.  We believe that this is a good challenge as we need to invest a substantial amount of time and effort that is required to educate them on current payment acceptance trends, introduce them to new technology and open up new opportunities, thereby increasing their sales by exposing them to new market segments. More so, the reduced transaction cost will certainly help these businesses to become more profitable, and the bank will be empowering Micro Merchants to improve their businesses by having access to digital payment acceptance solutions in order to make this market segment more competitive through the use of digital tools.”