Commercial Bank has been appointed as the Internet Payment Gateway (IPG) service provider to ‘Daraz,’ an online shopping market, to enable seamless online transactions for shoppers.
Commercial Bank’s Deputy General Manager - Marketing, Hasrath Munasinghe said, “The volumes and the frequency of transactions will be a testament to the speed, reliability and safety of our IPG services.”
Country Manager, Daraz, Bart van Dijk, said, “We are committed to increasing our customers’ convenience and choice through affordable financing and payment innovations. Commercial Bank will enrich customer experience, increase affordability and solve payment needs of consumers.
“Through this partnership we hope to enrich customer experience, increase affordability and solve the payment needs of Sri Lankan consumers, all of which have proved to be our critical differentiators. We are also happy to introduce Commercial Bank customers to a simple, convenient and secure payment method, provide special discounts and a truly unique shopping experience,” he said.
The online payment processing of Daraz will be facilitated by Commercial Bank through Mastercard Payment Gateway Services (MPGS) and will provide the portal the convenience of a secure, cost-effective way to perform card on file transactions through tokenisation, keeping sensitive card details away from the systems. Tokenisation offers customers the convenience of one-click online purchases compliant with Payment Card Industry Data Security Standard (PCI-DSS) requirements.
This is the only solution of its kind from a local bank to support entities such as Daraz, a Bank spokesman said.
The merchant service provided by Commercial Bank to Daraz will cover the authorisation of credit and debit cards, and direct payment processing for the online shopping portal. Visa and Mastercard are the accepted payment options through the service.
Daraz was acquired by the Alibaba Group in May this year.