Banking sector counters post gains amid fluctuating stock market fortunes – The Island

Extending its support for the rapid development of a vibrant cashless payments ecosystem, Sri Lanka’s leading private bank, HNB PLC, participated in the latest edition of the Central Bank of Sri Lanka’s Rata Purama LANKAQR (CBSL ), which was held recently in Negombo.

HNB interacted with merchants, including small businesses, educating them on the benefits and strengths of its HNB SOLO payment app integrated with LANKAQR during the one-day event. Given the keen interest they have shown, HNB representatives have also integrated a significant number of these merchants into the HNB SOLO platform.

The event held at the Kadolkale grounds in Negombo was attended by CBSL Governor Ajith Nivard Cabraal as guest of honor as well as CBSL Deputy Governor Dharmasiri Kumaratunga , and senior officials from major commercial banks.

The first to introduce multiple technological developments to the Sri Lankan banking industry, HNB has played a leading role in raising public awareness of the benefits of digital payments in the country. The bank has continued to scale up and intensify these efforts, both through its own programs and by expanding its steadfast support for CBSL’s “Rata Purama LANKAQR” initiative.

“A vibrant cashless payment ecosystem has the potential to dramatically improve the economic activity that underpins Sri Lanka’s economy. These systems help speed up the speed of business, and especially for small businesses, they can help establish new markets and conduct transactions in a secure and convenient manner, ”said Chammika Weerasinghe, Head of Digital Operations at HNB.

Launched in late 2020, the “Rata Purama LANKAQR” campaign aims to increase the use of Sri Lanka’s Common Rapid Response Code (QR) national standard developed by CBSL. This initiative, which eliminates the need for merchants to have multiple QR codes for different platforms, facilitates fast, secure and affordable digital payments, to the benefit of customers and merchants. Financial institutions and telecommunications companies support CBSL in its efforts to transition to a cashless society.

HNB aims to make mobile phones and digital payments the standard for daily transactions across the country and has been at the forefront of the country’s QR code-based cashless payments revolution.

HNB SOLO (Good Food & Body Care- Negombo) merchant, Mr & Mrs Kapila Paliyakkara at the event.

HNB SOLO, launched in 2019, makes it easy to improve the efficiency of payments and transactions, while eliminating the need for physical contact. QR code based payments through HNB SOLO are more cost effective than alternative payment solutions available in the market. The intuitive, user-friendly and sophisticated application has dramatically increased the convenience of making a wide range of QR-based payments. Users can make payments via LANKA QR by scanning the code using SOLO. Upon completion, merchants will receive an instant SMS notification, confirming receipt of payment.

HNB has continuously improved the features and functionality of the app, further improving its user interface.

Taking its digital payment journey even further, the bank has also introduced Dynamic QR technology in partnership with Keells Supermarkets and Singer, in which a unique code is generated for each transaction. This enables customers using an app linked to the LANKAQR to make contactless purchases in stores by simply scanning the dynamic QR, which appears on the display screen of the point of sale (PoS) machine. By eliminating the need to manually enter the payment value, this mechanism increases customer convenience and prevents errors.

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