ComBank and CBA offers technology-enabled cashless vending machines

Above: Commercial Bank Chief Operating Officer S. Prabagar, Ceylon Business Appliances CEO Ruwath Fernando and the bank’s Deputy General Manager - Retail Banking & Marketing Hasrath Munasinghe with representatives of the ComBank Card Centre and CBA at the launch of the new vending machine.

Sri Lanka will be able to deploy its first credit and debit card-enabled vending machines following a collaboration between the Commercial Bank of Ceylon and Ceylon Business Appliances (CBA).

Advancing consumer convenience and embracing technological innovation, the collaboration will result in the introduction of a fully automated, Near Field Technology (NFC)-enabled vending machine service branded ‘Grab.it’ across Sri Lanka. These machines will accept contact and well as contactless card payments, the bank said in a media release.

The bank said this is the first time a Sri Lankan bank has engaged with a fintech company to offer such a technologically-advanced solution in the retail sector.

The state-of-the-art IM30 Point-of-Sale (POS) machines supplied by CBA have been seamlessly integrated into these vending machines, allowing them to accept Visa, MasterCard, UnionPay, LankaPay, and JCB cards, with payments processed by the Commercial Bank Internet Payment Gateway (IPG).

These vending machines can be installed in public areas such as shopping malls, hospitals, sports stadiums, educational institutions and rail and bus terminals, to offer a wide spectrum of over-the-counter products such as non-alcoholic beverages, snacks, confectionery and other packaged items. This initiative also presents new opportunities for self-digital boutiques for aspiring retail entrepreneurs.

Powered by CBA's WireMe platform, all transactions, including inventory monitoring and payments, will occur in real-time, ensuring seamless visibility for business owners and the bank alike. The integration of state-of-the-art unattended PAX IM30 Point-of-Sale (POS) machines into the ‘Grab.it’ vending machines enables acceptance of various payment methods, and the exclusion of cash handling will ease out the operation complexities. The machines accept only card payments and all transactions are recorded and can be reconciled against the inventory.

Commenting on this new milestone in technological advancement, Commercial Bank Chief Operating Officer S. Prabagar said: “This initiative is part of our ongoing efforts to introduce cutting-edge payment technology and provide a superior customer experience, reinforcing the bank’s position as a leader in the banking industry in Sri Lanka and beyond.”

Ruwath Fernando, Executive Director/CEO of CBA, said: “This partnership not only integrates technology seamlessly but also pioneers innovative payment solutions for the retail sector. The convenience of secure, swift payments at these vending machines represents a significant leap forward in consumer convenience."