Sampath Bank adds innovation to digital payments landscape | Sunday Observer

Sampath Bank adds innovation to digital payments landscape

12 July, 2020

Sampath Bank PLC has become one of the first bank’s in Sri Lanka to serve as an issuer and acquirer of Payment Exchange Name (PEN) based payments to customers, thus facilitating a simpler method of conducting online transactions.

The PEN system, which was launched by LankaClear at the Kingsbury Hotel recently, will allow Sampath Bank customers to make real-time, online payments via the Sampath Vishwa internet banking portal by simply using the receivers mobile number and PEN.

 Customers who register for this service will be able to assign a unique nickname, or PEN, to each of their bank accounts with any bank, all linked to their mobile number. This nickname can then be used, instead of their bank account number, to send or receive funds electronically.

Senior DGM, Consumer Banking of Sampath Bank, Tharaka Ranwala said, “This year has seen significant growth in people’s acceptance and adoption of digital payment solutions due to the Covid-19 pandemic, but this has also helped pave the path towards a cashless society which is expected to bring about much economic growth.”