LB Finance joins Lanka QR network | Sunday Observer

LB Finance joins Lanka QR network

13 September, 2020
D. Kumaratunge, Director Payments and Settlements of CBSL (left), and Bimal Perera, Head of Digital Financial Services, LBF.
D. Kumaratunge, Director Payments and Settlements of CBSL (left), and Bimal Perera, Head of Digital Financial Services, LBF.

LB Finance (LBF), country’s leading Non-Banking Financial Institution, recently joined the National Digital Payment platform Lanka QR via its popularmobile wallet LB CIM (Cash-In-Mobile).LankaQR is the national QR standard for local currency payments introduced by the Central Bank of Sri Lanka (CBSL).

Following the integration CIM mobile wallet becomes interoperable for all four-transaction types of Lanka QR, enabling its users, to pay and accept payments from other mobile wallets offered by third party Banks and Financial Institutions.

LB CIM smart phone application is available for Android & iOS based devices. It comes in the form of two separate mobile applications; ‘CIM Customer app’ & ‘CIM Business app’, to cater to the specific needs of customers and retail merchants. LB CIM is proud to be one of the few tri-lingual mobile wallets available in the market and champions the concept of simplicity in its UI/UX offering. The Company believes CIM’s ultra-simple design gives it an advantage over the completion to become a truly inclusive digital payment solution to Sri Lankan masses.

The CIM customer app serves as an interest-bearing digital savings account (5.5% p.a.), that sits inside the users smart phone and functions as a wallet that can be used at any time to make payments to any Lanka QR merchant by simply scanning the merchant’s QR code. Customers can use the CIM app to link any 3rd party bank account through Just-Pay network and top up their wallet, transfer money instantly to any bank, pay their credit cards, utility bills, mobile reloads thus eliminating the need to go in search of ATMs to withdraw money for daily cash purchases. Existing customers of LB Finance can also use the CIM app to service their loans/leases and inquire fixed deposit detailsat the convenience of their smartphone.

The CIM business app acts as a platform for retail merchants to develop their businesses by managing their business cash flows more efficiently and securely, while earning interest on the savings balance stored in the mobile wallets. CIM Business app provides additional benefits to CIM registered merchants by bringing customised technological conveniences, designed to help them develop their retail business operations.

LB Finance expects to include Micro, Small and Medium Enterprises (MSMEs) in Sri Lanka to the formal financial services through the app.

Earlier this year the Central Bank named the year 2020 as the ‘Year of Digital Transactions’ and launched a promotional campaign named ‘Cash Wade’ with the aim of popularising ‘ digital payments among the masses.

The launch marked the official beginning of the retail level campaign aiming to draw as many customers to use digital payment methods such as mobile wallets, LankaQR code and Just-Pay network.