You already know that almost all credit and debit cards used in Sri Lanka have to be paid to a foreign company for transactions carried out in the country.
LankaClear (Pvt) Ltd. (LankaClair and JCB) has entered into a strategic partnership to establish the National Card Scheme (NCS) under the guidance and supervision of the Central Bank of Sri Lanka.
Under the NCS program, local banks and financial institutions can choose to issue Lankapay-JCB branded debit cards. Lankapay-JCB Co-branded Cards are accepted locally and through the JCB International Network through the Lankapay Payment Network (ATMs and DTCs).
However, the Central Bank of Sri Lanka and LankaClear have introduced a new card scheme which will reduce the daily transaction fees and save a large amount of money flowing abroad.
Accordingly, LankaPay cards can be used on over 4,800 ATMs linked to LankaPay network across the island and are available in all points of the island, facilitated by MCB Bank, Cargills Bank, Commercial Bank, Seylan Bank and Bank of Ceylon. These cards can be used to make a payment through the Sale Terminal.
It is learned that international transactions using these cards are controlled by the Japan Credit Bureau or JCB International.
According to LankaClear, JCB offers customers the ability to use debit and credit cards issued in other countries around the world, as well as in Sri Lanka, for foreign travelers.
Enabling financial inclusion is one of NCS’s main objectives. With the launch of NCS, financial institutions will be able to offer their customers low-cost card-based payment solutions.
Accordingly, customers of financial institutions that favor undervalued segments of the market that contribute to the country’s most cash-based transactions will benefit from NCS-based card-based solutions, enabling them to enjoy the benefits of payment technology.
Governor of the CB of Sri Lanka Dr. Indrajith Coomaraswamy said, “This is indeed an important occasion for Sri Lanka and the country will be able to launch its National Card Scheme which will bring immense benefits to Sri Lankan consumers in line with international standards. Low Costs to Include Finance ”. The Governor of MCB was the first bank to issue Lankadeepa NCS card. Cargills Bank, Bank of Ceylon, Commercial Bank of Ceylon and Seylan Bank thanked the Bank for facilitating POS transactions at NCS. NCS. And praised the LCPL for its important role in implementing the CPS and expanding the national payment infrastructure.
Anil Amarasuriya, Chairman of LankaClear, acknowledged the importance of this initiative. NCS will remove this burden by transferring all local transactions locally to provide a lower cost structure for banks. From a macro perspective, transactions between local banks are handled through the Lankapay network and the NCS can save the country valuable foreign exchange. We are honored to be a part of this national program and appreciate the continued support and assistance provided by the Central Bank in implementing this project. “