Mobile operator Hutch Lanka has announced a strategic partnership with payments company Bancstac to enable new payment acceptance capabilities across all of Hutch’s digital payment channels in Sri Lanka.
Bancstac partners with banks and other financial institutions to enable businesses to integrate payment capabilities from its partner banks. Hutch will deploy Bancstac’s technology across all its digital sales channels. This will enable Hutch customers to settle payments with all major cards including Visa, Mastercard, UnionPay International, American Express, Discover Network, and Diners Club.
“Bancstac’s payment technology offerings have enabled Hutch to gain access to an expanded customer base for payments and provide additional secure and low- friction payment options to our existing subscribers,” said Hutch acting CEO Saumitra Gupta. “They have further simplified our accounting and reconciliation process by providing a consolidated view of our digital payment transactions.”
The mobile payments market continues to be a hot growth item in Sri Lanka. According to Statista, the country’s total transaction value in the Digital Payments sector (which includes digital commerce, digital remittance and mobile POS payments) is projected to reach US$6.55 billion in 2023. The Mobile POS segment accounts for just over half of that amount at US$3.45 billion.
Statista expects the whole sector to grow at a 20.5% CAGR to US$13.8 billion by 2027, with mobile POS payments again accounting for over 50% at US$7.2 billion.