LANKAQR is a game-changer for Sri Lanka, enabling contactless payments across the country. It's a mobile payment system that allows users to make transactions using their mobile devices.
LANKAQR is a QR code-based payment system that's easy to use and accessible to everyone. Users can simply scan a QR code to make a payment, without needing to carry cash or cards.
The system is powered by the National Mobile Service Providers, Dialog, Mobitel, and Hutch, which ensures its widespread acceptance and reliability.
Two Ways to Participate in the System
Participating in the LANKAQR system is quite straightforward. There are two main ways your financial institution can join the network.
You can become a Transaction Acquirer, which allows your app to scan and pay at LANKAQR merchants. This way, your customers can easily make transactions at participating merchants.
Alternatively, you can become a Merchant Acquirer, which enables you to onboard merchants to the LANKAQR system and issue LANKAQR codes. This is a great way to expand the reach of the network.
By choosing one of these two options, your financial institution can start participating in the LANKAQR system and begin reaping its benefits.
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Supported Providers
LANKAQR supports a wide range of providers, making it a convenient option for users.
Sampath Bank, one of the leading banks in Sri Lanka, is a supported provider of LANKAQR.
HNB, another prominent bank in the country, also offers LANKAQR services to its customers.
Commercial Bank of Ceylon, a major player in the Sri Lankan banking sector, is another provider that supports LANKAQR.
LANKAQR also supports digital wallets like Dialog and Mobitel, making it easy to send and receive money using these services.
The National Savings Bank, a state-owned bank in Sri Lanka, is also a supported provider of LANKAQR.
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System Details
LANKAQR is a mobile payment system that allows users to make payments using their mobile phones. It's a convenient and secure way to make transactions.
The system is built on a tokenization model, which replaces sensitive card information with a unique token. This adds an extra layer of security to transactions.
LANKAQR supports various payment methods, including bank transfers, credit card payments, and cash deposits. This makes it a versatile payment option for users.
The system is integrated with the National Mobile Identity (NMID) of Sri Lanka, which allows users to link their mobile phone numbers to their bank accounts. This simplifies the payment process and makes it easier to access financial services.
LANKAQR transactions are processed in real-time, ensuring that users can complete their transactions quickly and efficiently.
Merchant Community
The merchant community can benefit greatly from LANKAQR's services. Merchants can accept payments from customers using their mobile phones, reducing the need for cash and making transactions faster and more convenient.
With LANKAQR, merchants can use their mobile phones to accept payments from customers, eliminating the need for physical payment terminals. This makes it easier for merchants to conduct business, especially in rural areas where access to traditional payment systems may be limited.
LANKAQR allows merchants to receive payments from customers instantly, reducing the risk of losses due to bounced cheques or other issues. This can help merchants to manage their cash flow more effectively and make informed decisions about their business.
Merchants can also use LANKAQR to send money to other merchants or individuals, making it easier to conduct business transactions. This can be especially useful for merchants who need to make payments to suppliers or other business partners.
Features
LANKAQR offers a range of features that make it a convenient and reliable payment method.
You can make payments using a QR code, which is a quick and easy way to transfer money.
LANKAQR transactions are processed in real-time, ensuring that funds are transferred instantly.
With LANKAQR, you can send and receive money from anywhere, at any time.
The service is available 24/7, making it a great option for those with irregular schedules or who need to make payments outside of regular banking hours.
LANKAQR transactions are secure and protected by a two-factor authentication process.
You can also track your transactions and manage your account through the LANKAQR mobile app.
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Frequently Asked Questions
How do you use LANKAQR?
To use LANKAQR, simply scan the QR code at a participating merchant with your smartphone and confirm the payment amount. This secure and convenient method allows you to shop cashless and cardless.
What is the maximum limit of a LANKAQR transaction?
The maximum limit of a LANKAQR transaction varies and is determined by the Merchant Acquirer based on individual risk tolerance.
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