Sri Lanka banks, JCB collaborate on national payment cards
Following a two-year pilot, several Sri Lanka banks are rolling out co-branded credit and debit cards connecting LankaPay, the local payments network, with Japan’s JCB brand, extending the cards’ reach to any global merchant or ATM that accepts JCB.
The cards will support local and international purchases for growing numbers of Sri Lankans who travel outside the country, and local merchants may accept JCB cards to accommodate millions of tourists visiting Sri Lanka from Asia and other regions.
MCB Bank, Regional Development Bank, HDFC Bank of Sri Lanka, Siyapatha Finance and Sampath Bank are among many local banks that plan to issue EMV-enabled cobranded LankaPay/JCB cards for the first time.
LankaClear, the national check-clearing service Sri Lanka’s central bank established in 2002, has spent the last several years working with local banks to develop merchant acceptance of LankaPay, but until forming a partnership with JCB in 2017, the scheme lacked cross-border payment capabilities.
“This partnership between LankaClear and JCB is intended to help Sri Lanka have its own national card scheme adhering to the highest international standards,” said Channa de Silva, LankaClear’s general manager and CEO, in a release.
Sri Lankans can also access the various international travel services and promotions JCB offers through the partnership with LankaPay.