This is the first launch of LankaPay Credit Cards in Sri Lanka and the first time five variants of LankaPay cards -- three credit cards and two debit -- cards were launched by a Sri Lankan Bank.

LankaPay Card is an internationally accepted card, which is cost-effective and equipped with the latest technology and highest security features. All domestic transactions via LankaPay cards are routed locally and when the cards are used overseas the transactions are routed via the JCB network. This initiative will ensure that no foreign exchange outflow takes place for any local card transaction, which could potentially save the country a considerable amount of foreign exchange, the Bank said.

The commencement of the issuance of LankaPay cards by Commercial Bank in Sri Lanka was celebrated at an event in Colombo at which senior representatives of Commercial Bank, LankaPay and JCB, emphasized the value of the additional width of the payment options, value-added services and customer choice the new card will offer ComBank cardholders.

LankaPay cards issued in Sri Lanka by Commercial Bank will feature dual interface functionality, enabling both contact and contactless transactions at point-of-sale terminals connected to the LankaPay payment network. The cards can also be used at all automated teller machines (ATMs) linked to the LankaPay platform and over 42,000 merchant points island-wide. The card will enable Sri Lankans to enjoy JCB's global merchant network comprising of more than 41 million acceptance locations and JCB special offers worldwide including discounts and airport lounge services. The Bank will issue LankaPay branded credit cards in the Platinum, Gold and Classic tiers while the debit cards will be in the Platinum and Classic tiers. The debit card will be the first dual interface card in the country where the user can perform both contactless and contact-enabled transactions at any Point of Sale (POS) device.

Commercial Bank joined the common ATM switch of LankaPay in 2014. In 2019, Commercial Bank implemented the LankaPay Common POS Switch System and became one of the first banks in Sri Lanka to have its point-of-sale network accept LankaPay cards. Later that year, it upgraded its ATM network to accept JCB Cards issued outside Sri Lanka for the withdrawal of cash to service the growing number of tourists and business professionals visiting the country, especially from Asia where JCB has a large number of card members.

Commercial Bank cards are the market leader in Sri Lanka with a market share of over 23%. The Bank offers a variety of credit cards in the Silver, Gold and Platinum tiers and a variety of cards in the premium segment. The cards are equipped with 'Tap 'n Go' NFC technology and are backed by a strong NFC Point-of-Sale (POS) network. ComBank Cards offer an exciting array of promotions and offers across all categories and also offer the Max Loyalty Rewards scheme for selected card categories covering both credit and debit cards.

Full press release: https://acnnewswire.com/press-release/english/82764/