Visa Card’s tap-and-receive or send payments in partnership with HNB
While the government of Sri Lanka is encouraging people to use digital payment platforms aiming towards a cashless economy, there are around 7.5 million micro-merchants in the country who do not have online or card payments access though they have a bank account. People opt to use physical cash transactions as online banking or card payments involve an extra cost.
On Tuesday Visa Card launched its first global rollout solution ‘Visa Accept’ in Sri Lanka in partnership with Hatton National Bank (HNB) at the Shangri-La Hotel in Colombo. The product allows all merchants who have an account with HNB to use the same mobile banking app to accept payments to the mobile when a buyer taps a Visa Card. The transaction cost for the vendor will be less than 2.5 per cent. Micro and small and medium enterprise owners will not have to own a card machine to accept payments.
Earlier when opening a merchant account, it involved complex paperwork, licensing, and expensive point-of-sale devices. ‘Visa Accept’ transforms this model by enabling any Visa-debit or Visa-prepaid cardholders to instantly convert their existing account into a seller profile through HNB’s mobile banking app, using their mobile phone. Within minutes vendors can receive payments, transforming mobile phones into secure acceptance devices. Customers can complete transactions through tap-to-phone or pay-by-link, enabling a secure and seamless payment experience for both the seller and the consumer.
Visa, Country Manager for Sri Lanka and Maldives, Avanthi Colombage during the launch of the product stated, “With the launch of ‘Visa Accept’ Sri Lanka has shown the world what progress looks like. It is a strategic leap towards financial inclusion of micro-merchants by enabling their onboarding into the formal economy and accelerating economic participation. By powering anyone with a Visa debit or prepaid card to become a seller within minutes, we are not only simplifying acceptance but also opening new avenues for them to thrive in the digital economy.”
Sri Lanka is the first market within Visa globally to introduce this solution. This underscores our continued commitment to Sri Lanka’s digital transformation and socio-economic progress, she added.
HNB, Managing Director, Damith Pallewatte mentioned, “With Visa Accept now integrated into our mobile banking app, HNB is enabling thousands of micro and small businesses to accept digital payments instantly, using a mobile phone.”
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