Euronet Worldwide EEFT along with its Digital Integrated Payments Cloud (DIPC) technology has enabled the Commercial Bank of Ceylon to introduce the first Quick Response (QR)-based payment application under LANKAQR, the national QR standard for local transactions in Sri Lanka.
Called ComBank Q+, this unique application uses the DIPC’s microservices architecture and open APIs to power its QR code engine. Moreover, the company’s advanced DIPC offers the right amount of scalability needed by such a project in order to provide payments technology as a service (PTaaS).
The system contained the development of a QR code customer application, a merchant application, related IT framework plus reconciliation and settlement services for transactions.
With the help of this application, customers can now add up to five ComBank Mastercard, Visa or LankaPay cards via an SMS-generated authentication process. They can make MasterCard QR, mVisa or LankaQR transactions with any of the cards that they have added.
This application ensures a smooth, safe and fast payment procedure for merchants as and customers as well as supports static and dynamic QR codes. The best part about this app is that it complies with EMVCo. payment conditions, which in turn, facilitates interoperability and the QR-code payment functionality overseas.
EMVCo. enables worldwide interoperability and acceptance of secure payment transactions. It is overseen by six-member organizations, namely American Express, Discover, JCB, Mastercard, UnionPay and Visa, backed by dozens of banks, merchants, processors, vendors and other industry stakeholders.
Euronet’s relationship with the Commercial Bank of Ceylon dates back to last year when it launched China Union Pay chip card issuing for the bank. This move is in line with the company’s strategy to introduce seamless and secure next-generation payments. With the boom in alternative payments solutions in Asia, the company has made efforts to provide customers with safer and faster payment options.
The company has been constantly growing over the past many years on the back of its steady focus on deploying more devices across the extended markets and its ability to develop an advanced technology for new products at both ATMs and POS terminals for optimizing and enriching the customer experience. All these initiatives bode well for the company.
Shares of this Zacks Rank #3 (Hold) company have soared nearly 59.2% in a year's time against its industry''s decline of 0.8%.
Stocks to Consider
Investors interested in the finance sector may consider some better-ranked stocks like Visa Inc. V, Cardtronics PLC CATM and PayPal Holdings, Inc. PYPL. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Visa works as a payments technology company worldwide. It pulled off average four-quarter positive surprise of 3.4% and has a Zacks Rank #2 (Buy).
Cardtronics offers automated consumer financial services through its network of automated teller machines and multi-purpose financial services kiosks. The company came up with average four-quarter beat of 37.5% and sports a Zacks Rank #1.
PayPal works as a technology platform and digital payments company. It delivered average four-quarter positive surprise of 10.4% and carries a Zacks Rank of 2.
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