Commercial Bank launched Mastercard Send, the facility that leverages Mastercard’s global payment network and card products, to provide Sri Lankan Mastercard cardholders with a convenient, fast, safe and reliable way to effect cross-border, person-to-person money transfers.
The Mastercard Send solution requires receivers in Sri Lanka to provide the number of their Commercial Bank Debit or Credit Card and personal information to senders outside the country. Senders can transfer money via their Mastercard cards to families and friends in Sri Lanka.
The funds will be remitted to the recipients’ Debit or Credit card accounts on the same day, and Commercial Bank customers will not be charged any service fee or currency exchange fees for this facility, Bank sources said. Receivers can also check on the status of the remittances via Commercial Bank’s Mobile Banking or other online channels, without visiting the Bank.
The cross-border transactions will take place via Mastercard’s Global Treasury process which enables competitive cross-border card payment settlements in over 160 currencies.
Commercial Bank’s Deputy General Manager Marketing, Hasrath Munasinghe said, “Mastercard Send not only addresses Sri Lankan consumers’ need for quick, convenient and safe cross border remittances, but also provides customers with an efficient, cost-effective, multi-currency and multi-channel platform. This facility helps improve bank-card operation efficiency and customer experience.”