The global drive to encourage digital payment continues – this time with an announcement from Sri Lankan operator SLT-Mobitel that its mobile money arm mCash has partnered with payments solution giant Visa.
The partnership, says Mobitel, will enable mCash merchants across Sri Lanka to conveniently use the Visa solution to process Visa payments via the LankaQR platform.
Visa’s QR payment solution is a mobile push-payment platform that allows customers to send merchants payments directly from their Visa prepaid, debit or credit card accounts by scanning a QR code with their mobile phone and following the applicable Visa process for QR payments.
The mCash LankaQR system, recently introduced alongside Commercial Bank, enables existing mCash merchants, from small businesses to large-scale enterprises, to conveniently accept payments from any customer who uses an app that is LankaQR certified, including the Visa QR solution. LankaQR codes issued by mCash merchants can accept payments sent through the Visa network using cards issued locally and internationally.
LankaQR was first launched through an initiative by the Central Bank of Sri Lanka. Its aim was to ensure that all QR codes and QR-based transactions in Sri Lanka occur in a regulated and interoperative manner.
LankaQR’s island-wide activation also supports the Central Bank’s ‘Cash Wade’ campaign, which aims to increase the adoption of digital transactions in Sri Lanka.