ComBank and PAYable launch Smart POS-Mini device to promote cashless payments
The Commercial Bank of Ceylon together with PAYable (Pvt) Ltd. recently announced the launch of an Android Mini Point-of-Sale (POS) device to enable merchants anywhere in Sri Lanka to accept card payments.
The Smart POS-Mini is a fully functional Android terminal, able to process transactions via Mag-stripe, EMV and Chip readers. The device is also capable of processing Near Field Communication (NFC) transactions and can scan QR codes at a high speed. The sleek and convenient device also boasts both SIM and Wi-Fi connectivity and supports a tri-lingual user interface.
Speaking on the solution, Commercial Bank’s Head of Card Centre Mr Thusitha Suraweera, explained: “The Android Mini POS Device offered by Commercial Bank will be rolling out across Sri Lanka over the next few weeks. Strategically positioned to cater to the Micro SME industry, these devices are set to revolutionise the face of cashless transactions offering a cost-effective solution to merchants looking to accept cashless transactions. Commercial Bank is pleased to be able to offer these devices and services to our merchants and hope the ability to access the cashless ecosystem will help to grow their businesses.”
The PAYable solution simplifies transactions, making it possible for a transaction to be completed in just three steps. The solution also includes a tri-lingual user interface that adds to its versatility, boasts an automatic settlement feature, eliminating the need for cumbersome manual reconciliation, provides the facility to operate installment payments, and is capable of multi-currency transactions.
Commenting on the PAYable solution and the partnership with Commercial Bank, Yohan Wijesiriwardane, CEO/Co-founder PAYable Pvt Ltd. said: “The Smart POS Mini represents the next iteration of cashless payment acceptance for MSMEs. The device is ideal for this segment as it offers versatility and a diverse range of functions that are designed to empower businesses to take their revenue streams to the next level. We are pleased to be able to partner with Commercial Bank on this endeavor and look forward to making cashless payment accessible to all businesses, everywhere in Sri Lanka.”
The Smart POS-Mini has a 4.5 inch touch-enabled screen, up to 64GB of storage and supports high-speed swipe algorithm enabling wallet transactions to be completed with ease. The device is able to process transactions via VISA and Mastercard as well as a host of wallet facilities and is Payment Card Industry Data Security Standard (PCIDSS) compliant, as it offers end-to-end security, ensuring cardholder information remains 100% secure.
The software provided by PAYable Pvt Ltd. also includes Bank-tailored transaction and commercial dashboards that come with tailored reporting tools and secure access. These tools provide real-time insights into transactions, and branch-specific transaction information. The solution is ideal for delivery solution providers with large fleets of riders – making it possible for cashless payments to be accepted by riders and monitored centrally in real-time.
The Commercial Dashboard tailored by PAYable, is designed specifically to meet the needs of corporates that have a vast number of branches and transactions to monitor. It allows businesses to oversee widely dispersed branches in real-time, making for efficient planning, resource allocation and strategising throughout the management of a business.
Since its inception in 2016, PAYable has empowered over 22,000 merchants across Sri Lanka, effectively making it the single largest mobile POS service provider in the country. By eliminating all major cost barriers, PAYable has successfully motivated merchants who were excluded from the ability to accept cashless payments – to adopt and champion credit and debit card payment acceptance.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 873 ATMs in Sri Lanka.
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.
