Chinese travellers visiting Sri Lanka can now enjoy a host of goods and services and pay for them through ‘Alipay’ – China`s leading mobile payment platform, thanks to a partnership between Commercial Bank of Ceylon PLC and Ant Financial Services Group.
The solution is brought to the Sri Lankan market by Commercial Bank in partnership with Wells Digital Infrastructure (Pvt) Ltd. and Swiss Pass China, a leading electronic payments solutions provider which facilitates Commercial Bank’s acquiring of Alipay transactions in Sri Lanka.
This payment channel will be made available through a special Point-of-Sale (POS) device that will be provided to merchants such as gem and jewellery retailers, handicraft shops, tea shops, hotels and restaurants in Sri Lanka, the Bank said.
Commenting on the partnership with Alipay in Sri Lanka, Commercial Bank’s Chief Operating Officer Mr Sanath Manatunge said: “Chinese tourists are the fastest growing traveller segment to Sri Lanka which has increased the demand for this payment channel, especially because it allows users to follow instructions and transact in their own language.”
Head of Business Development – Sri Lanka & South East Asia of Ant Financial Services Group Mr Sonam Thendup Bhutia said: “Sri Lanka presents an attractive destination for our users. The numbers are growing and it’s our responsibility to present the best of Sri Lanka to Alipay users. We do this in tandem with local partners. Commercial Bank of Ceylon is a progressive partner with a deep desire to include Sri Lankan merchants in the digital revolution. Alipay's marketing platform is ideally suited for this purpose. We are very confident of a mutually beneficial partnership.”
Merchants can download the application on to their mobile phones, or alternatively request the Bank to provide them a special POS machine. Once a purchase is agreed upon by both parties, the merchant enters the sale amount in the relevant currency and generates a QR code for the transaction. The buyer will then be able to scan this code and view the value either in Rupees or Chinese Yuan. After verifying the amount, the buyer confirms payment through the Alipay mobile application.
This payment channel will help to streamline more foreign spending in Sri Lanka and will also help bring more transparency to the transactions and formalisation of the foreign currency flow to the country, the Bank said.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for eight years consecutively, Commercial Bank operates a network of 266 branches and 830 ATMs in Sri Lanka. The Bank has won multiple international and local awards in 2016 and 2017 and over 30 international and local awards in 2018.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.