LankaPayto revolutionize the retail payments landscape viaJustPay

LankaClear Pvt Ltd the operator of LankaPay – Sri Lanka’s National Payment Network in a ground breaking initiative recently launched JustPay, an initiative to facilitate Retail Payments via disruptive technology innovations. The launch was held under the patronage of Dr. IndrajitCoomaraswamy, Governor of the Central Bank of Sri Lanka, Chief Guest and Mr. Wasantha Deshapriya, Secretary to the Ministry of Telecommunication and Digital Infrastructure,Guest of Honour during INFOTEL 2016 National IT Exhibition whereLankaPaytook part as the Co-sponsor of the Start-Up Pavilion.

JustPay© is a brainchild of LankaClear, an initiative that is aptly supported by the Central Bank and all the member banks of LankaPay Common Electronic Fund Transfer (CEFTS)to facilitate secure real-time retail payments below Rs.10,000 under an extremely low tariff scheme. Accordingly, customers will be able to make everyday payments by transferring funds directly from their accounts to merchants’ accounts by using smart mobile phones and other smart devices. This is implemented as a highly secure payment mechanismwith two factor authentication and end to end encryption in addition to furthersecurity measures taken by banks for mobile and internet based transactions.

JustPayfacilitates low value retail payments, direct debits or pull payments, to be enabled via smart devices (Mobiles, Tabs and Kiosks etc.) or internet based apps. There are already a few vendors who are working in partnership with LankaPay CEFTS member banksto introduce JustPay as a payment option for their services. Some of them also demonstrated their solutions at the LankaClearStall at INFOTEL 2016 exhibition.

LankaClearanticipatesthat due tothe extremely low transaction costs,innovative and convenient applications and highest level of security,JustPay will soon become the primary payment mechanismamongst Sri Lankans for retail payments.To make this happen, the payment applications have to be extremely simple to use, secure andmust supportlocal languages.

Incorporated in 2002 under the guidance and approval of the Central Bank of Sri Lanka, LankaClear is owned by the Central Bank and all the registered Commercial Banks in the country as a public private partnership. The company, today, facilitates a host of domestic interbank payments on behalf of all member banks and non-banking financial institutions, under the brand name of LankaPay, providing the critical backbone network for the country’s banking and financial sector.