ComBank POS cashless payment volumes show exponential growth

Point-of-Sale (POS) terminals deployed by the Commercial Bank of Ceylon at retail outlets across Sri Lanka have shown exponential growth in cashless payment volumes, thus becoming the fastest growing POS network in the country, the Bank reports.

The market leader in combined Credit and Debit Card usage in Sri Lanka, Commercial Bank is also one of the biggest facilitators of card-based payments, with an offering of state-of-the art wired as well as wireless POS terminals, including Android-powered devices with QR code capability that cater to the steadily increasing volume of cashless transactions in Sri Lanka.

Commenting on this achievement by the Bank’s POS network, the Head of Commercial Bank’s Card Centre Mr Thusitha Suraweera said: “Our technology motivates merchants and customers alike to opt for cashless transactions. Greater convenience and security drive incremental sales for the merchants. According to statistics published by the Central Bank, there are approximately 23 million debit cards in Sri Lanka which are primarily used at ATMs to withdraw cash. A much smaller number is used at POS machines. We hope to change this dynamic, by widening access to cashless transactions that are secure and convenient.”

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