DFCC Bank creates history by becoming the first Sri Lankan bank to be certified for Visa’s QR Payment Solution

12th February 2019 Colombo: DFCC Bank created history by becoming the first bank in Sri Lanka to be certified for Visa’s QR Payment Solution. A ceremony was held recently at the DFCC Bank to mark this achievement in the presence of senior management of DFCC Bank and Visa.

The service brings the advantages of security, reliability, and global acceptance – and enables consumers to access funds more easily in their accounts through a mobile device to make everyday purchases both domestically and internationally. DFCC Bank’s customers can also enjoy the convenience of a quick transaction, along with enhanced security, as customers need not share their card details with the merchant anytime during the payment process, resulting in lower disputes.

Commenting on this momentous milestone, the CEO of DFCC Bank, Lakshman Silva said, “DFCC Bank has spearheaded the banking and financial services industry through rapid adoption of technology to deliver fintech solutions that provide speed and convenience. Keeping to our spirit of innovation and agility, DFCC Bank is proud to mark a key moment in our history by becoming the first bank in Sri Lanka to be certified for Visa’s QR Payment solution. The fortified top-of-the-line security solution that Visa offers provides will empower consumers to use their mobile with greater freedom. DFCC Bank is proud to revolutionize the experience for its customers who have come to expect industry-leading solutions from us. Now with Visa’s QR payment solution – we are delighted to live up to their high expectations. DFCC Bank expects to derive benefits from this partnership such as to drive channel innovations, enable business growth and revenue, whilst delivering relevant, contextual and personalised customer experiences. We are delighted to partner with Visa in this endeavour and wish to thank them for their support.”

“With widespread mobile phone ownership in Sri Lanka today, QR codes are an asset-light, cost-effective and secure payment option to further increase digital payments in the country. Consumers can simply scan the QR code with their smartphones and make payments.

DFCC Bank is the first bank in Sri Lanka to bring this solution to market after the CBSL established the internationally recognised EMV Co. standard for local QR transactions. We are glad to have partnered with DFCC to bring this to market. As an economical payment method, we expect QR payments to drive more transactions for merchants across the country,” said TR Ramachandran, Group Country Manager for India and South Asia, Visa.

The security features embedded in Visa’s QR payment solution comply with and conform to various international standards and architectures. Moreover, the solution ensures compliance with the regulatory guidelines defined by the respective Payment Card Associations and Monetary Authorities. Tokenization technology is bundled within the mobile push payments suite in order to replace sensitive card details with a surrogate value (token). This way, if the transaction was breached, no sensitive information is revealed and the real card detail remains secure.

About DFCC Bank

DFCC Bank PLC is a fully-fledged commercial bank offering the full gamut of commercial and development banking services. The Sri Lanka Institute of Management Accountants (CIMA) and the International Chamber of Commerce of Sri Lanka (ICCSL) has announced DFCC Bank as one of the ten “most admired companies” in Sri Lanka for 2018. The Bank was also ranked No 14, in Business Today’s list of Top 30 businesses in Sri Lanka. Fitch Ratings Lanka Limited has rated DFCC AA- (lka). The Bank prides itself on delivering tailor-made products that are designed to meet the specific financial needs of both retail and business customers, attractive interest rates, structured repayment plans, easy access to all funds and fast and prompt customer service.