Sampath Bank Extends Strategic Partnership with Paycorp International Becoming the First Local Bank to Enable Dynamic Presented Merchant LankaQR Codes

Sampath Bank PLC (Sampath Bank), in partnership with Paycorp International (Private) Limited, a wholly-owned subsidiary of Bancstac (Paycorp International), became the first local bank to enable businesses to automatically generate dynamic merchant LankaQR codes through the Sampath Bank Payment Gateway without any technical integration required by the merchant. This innovation allows businesses to accept payments from all LankaQR enabled apps and digital wallets at much lower transaction costs than traditional credit card payment methods.

Sampath Bank customers at present can accept payments from Visa, Mastercard and UnionPay International card through the Sampath Payment Gateway and in partnership with Paycorp International, businesses can also accept American Express, Diners Club and Discover Network.

Darshin Pathinayake, Assistant General Manager Card Centre, Sampath Bank, said: “At Sampath Bank, we have always strived to leverage emerging technologies to deliver innovative solutions that transform Sri Lanka’s financial services landscape, and add more value to the nation. Empowering businesses with the necessary finances and the right solutions through every stage of their growth journey remains one of our key areas of focus. We have continued to enable businesses to take their first steps into the world of digital commerce. We are excited to strengthen our partnership with Paycorp International and in so doing enhance our customers’ payment acceptance capabilities. Sampath Bank business and government customers may now seamlessly accept payments from six of the world’s major issuers and LankaQR, which will help drive sales and business growth. This is yet another innovative solution to have been developed through our longstanding partnership with Paycorp International. We invite businesses of all sizes to simplify the payments processes on their e-commerce portals and internet connected devices.”

Evan Lau, Director, Bancstac, said: “We are committed to a vision of modernising Sri Lanka’s digital payment economy and promoting cashless transactions by launching innovative and frictionless payment experiences for businesses, government and the communities we serve. Our long-term strategic partnership with Sampath Bank has enabled us to achieve many firsts. Our latest innovation, LankaQR dynamic presented codes by merchants via the Sampath Payment Gateway, further reinforces our track record of successfully developing and launching modern payment technology ecosystems. Enabling LankaQR to achieve near real-time payment and settlement capability that democratises e-commerce by making it more accessible and affordable for businesses to accept digital payments without any technical knowledge.”

About Sampath Bank

Sampath Bank is a 100% local bank that has deeply rooted itself in the hearts of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including the introduction of ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank continues to steadily transform itself into a technology driven financial services provider whilst keeping true to local traditions and values. www.sampath.lk

About Paycorp International

Headquartered in Colombo, Paycorp International is a wholly-owned subsidiary of Bancstac. Paycorp International is a PCI DSS Level 1 certified payment processor, payment gateway, payment aggregator and technology innovation company. As a Bancstac group company, Paycorp International partners with banks and assists bank clients with the adoption of digital payment and acceptance capabilities (including global rail schemes, alternative forms of payments, closed loop payment systems, and real-time settlement systems). The Bancstac payment technology platform makes it easy for businesses, governments and communities to facilitate secure ecommerce transactions. www.bancstac.com/paycorp-SL/