BOC records exponential growth in ‘SmartPay’ volume | Sunday Observer

BOC records exponential growth in ‘SmartPay’ volume

17 January, 2021

The Bank of Ceylon (BOC) has recorded an exponential growth in the volume and the number of transactions through its ‘SmartPay’ app since introducing it early last year, said BoC Assistant General Manager, Digital Products Promotion, S. Aruna Kumara in an interview on the progress of the digital payment solution.

He said the bank recorded a two-fold growth in the volume and number of transactions via the app within a year and added that there would be a steady growth this year too with greater awareness created on the benefits of the payment app.

“Coping with fresh challenges in the aftermath of the global pandemic was a formidable challenge not only to the BOC but also to the whole banking industry. Having customer service as our utmost priority BOC responded to the need swiftly by introducing the ‘Smartpay’ app,” he said.

The State-owned commercial bank partnered with Mobitel to introduce the QR-code based payment solution.

The new solution will enable small businesses to accept customer payments at the stores and the app allows self-registration. Customers can add their own current or savings accounts to activate the app. ‘LankaQR’ is interoperable with all LankaQR certified bank mobile payment apps. The Smartpay app comes with several high level security features such as enabling merchants to receive payments in real time and track all transactions through the app. BOC customers receive mini-statements and detailed transaction alerts.