The Bank of Ceylon launched partnership with UnionPay International (UPI) to add UnionPay card acceptance to its merchants in Sri Lanka and Maldives.
This is a key milestone for Bank of Ceylon to welcome international customers who possess a UnionPay card to make payments via POS terminals at BOC merchants. UnionPay is one of the world’s largest global bankcard schemes with its acceptance network covering 51 million merchants in 170 countries and regions.
By adding UnionPay in its line of services, BOC is set to help Sri Lankan business owners to increase their sales by attracting one of the fastest growing customer segments and provide more security through UnionPay PIN-encrypted transaction.
Also, BOC has facilitated the merchants with latest EMV compliant EDC terminals to offer smoother and safer service to the cardholder.
Also, BOC POS terminals are deployed in Maldives which is a popular tourist destination for high end tourists, including UnionPay cardholders. BOC has a fully-fledged branch in Maldives to support this initiative where it has a strong merchant network in Maldives as well.
In the next phase,BOC is enabling UnionPay ATM acquiring to enable UnionPay cardholders to withdraw cash from BOC ATMs. BOC has further plans to embrace a range of innovative products from UPI in the near future in order to offer more secure and convenient services to the customers. Finally, BOC also has plans to introduce UnionPay card in Sri Lanka to strengthen its card portfolio and take the service offerings to the next level.
BOC has been in forefront of payment card industry in Sri Lanka as the first comer to the market in year 1989 and maintains strong partnerships with international bankcard schemes. Growing stronger so far, the bank foresees trends in the market to identify potential opportunities.
Through this initiative the Bank can cater to the growing number of Chinese tourists who are making transactions with their UnionPay cards mostly to buy local specialty, souvenirs and Ceylon Tea. Furthermore, they may use the card for hotel bookings, leisure, entertainment and travel related expenses. On the other hand, Chinese residents may use their card to buy grocery items, medical purposes and other day to day necessities.
Sri Lanka has strong alliance with China based on government, investor relations and tourism. UPI is keen on achieving a shared growth and win-win co-operation with its members based on a membership-based operating mechanism whilst BOC seeks to align its business strategy with economic and social development of the country.
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