LankaClear Pvt Ltd., the operator of LankaPay – Sri Lanka’s National Payment Network recently launched JustPay, an initiative to facilitate retail payments via disruptive technology innovations.
The launch was held under the patronage of Governor of the Central Bank Dr. Indrajit Coomaraswamy and Secretary to the Ministry of Telecommunication and Digital Infrastructure, Wasantha Deshapriya, at the INFOTEL 2016 National IT Exhibition where LankaPay took part as the co-sponsor of the Start-Up Pavilion.
JustPay is the brainchild of LankaClear, an initiative that is supported by the Central Bank and all the member banks of LankaPay Common Electronic Fund Transfer (CEFTS) to facilitate secure real-time retail payments below Rs.10,000 under a low tariff scheme.
Customers will be able to make everyday payments by transferring funds directly from their accounts to merchants’ accounts by using smart mobile phones and other smart devices. This is implemented as a highly secure payment mechanism with two factor authentication and end to end encryption in addition to further security measures taken by banks for mobile and internet based transactions. JustPay facilitates low value retail payments, direct debits or pull payments, to be enabled via smart devices (mobiles, tabs and kiosks etc.) or internet based apps. There are already a few vendors who work in partnership with LankaPay CEFTS member banks to introduce JustPay as a payment option for their services. Some of them also demonstrated their solutions at the LankaClear stall at INFOTEL 2016 exhibition.
LankaClear anticipates that due to the extremely low transaction costs, innovative and convenient applications and high level of security, JustPay will soon become the primary payment mechanism among Sri Lankans for retail payments. To make this happen, the payment applications have to be extremely simple to use, secure and must support local languages.
