DFCC Bank partners with Visa for micro merchant transactions | Sunday Observer

DFCC Bank partners with Visa for micro merchant transactions

21 March, 2021
Exchanging the agreement: Country Manager Sri Lanka and the Maldives, Visa, Anthony Watson (second from left) presents the agreement to  CEO DFCC Bank, Lakshman Silva.  Director, MS & A Sri Lanka and the Maldives at Visa Worldwide Pte Ltd (first from left) Nalin Dissanayake,  Vice President and Head of Cards, DFCC Bank (second from right) Denver Lewis and  Manager, Merchant Acquiring, DFCC Bank (first from right) Chrishan Jayamanne look on. 
Exchanging the agreement: Country Manager Sri Lanka and the Maldives, Visa, Anthony Watson (second from left) presents the agreement to  CEO DFCC Bank, Lakshman Silva.  Director, MS & A Sri Lanka and the Maldives at Visa Worldwide Pte Ltd (first from left) Nalin Dissanayake,  Vice President and Head of Cards, DFCC Bank (second from right) Denver Lewis and  Manager, Merchant Acquiring, DFCC Bank (first from right) Chrishan Jayamanne look on. 

DFCC Bank partnered with Visa recently to facilitate digitally driven, cost-effective transactions at micro merchant businesses and increase card acceptance among micro merchants in Sri Lanka. This partnership will further strengthen the transaction processing capability for merchants of DFCC Bank with its low transaction costs, while enabling their ability to shift from cash to accepting card payments.

With the Sri Lanka Micro Merchant Program, an initiative by Visa, the Bank can process transactions for merchants at a lower cost. The high merchant discount rates offered to this segment have been the main challenge in getting such Merchants to accept card-based transactions. With this initiative, the Bank intends to bring the small merchant community into the sphere of digital transformation.

DFCC Bank CEO Lakshman Silva said, “The reduced transaction cost will certainly help these businesses to become more profitable, and the Bank will be empowering Micro Merchants to improve their businesses by having access to digital payment acceptance solutions in order to make this market segment more competitive through the use of digital tools.” 

Country Manager, Sir Lanka and the Maldives, Visa, Anthony Watson, said, “In the wake of the pandemic, there has been an urgent need to support micro and small businesses, something that Visa has committed to, globally.”

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