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Revolutionizing Digital Payments in Sri Lanka with The Commercial Bank

Innovative payment methods are often created by consumer demands, but additional driving forces can come from local governments and regulators who encourage and sometimes mandate movement to digital payments.

  • Real Time Payments
  • South East Asia
Sri Lanka
Company Size
1001-5000 employees

At a glance:

  • Successfully launched the first Q+ app in the country under LANKAQR
  • A leader in the national digital payment drive.

Euronet delivered the groundbreaking Q+ payment app to a leading Sri Lankan Bank.
This innovative solution revolutionizes the way customers make payments, providing a seamless and secure digital experience.

Insights on Commercial Bank

Commercial Bank is the third largest private bank in Sri Lanka and is known for its pioneering
initiatives in the digital payments space.

The Central Bank of Sri Lanka recognizes it as the highest-tier domestic systemically significant
bank. With a network of 268 branches and 932 automated machines throughout Sri Lanka, it
currently controls ¼ of the country’s card transactions. Needless to add, the bank is an
undisputed leader in the Banking and Finance segment in the country.

Triggers for Change

A high demand for cutting-edge payment solutions arose from both the market, government,
and the regulators, paving the way for a diverse range of payment methods that should
transcend plastic and cash. The government and regulators created an elaborate digital road
map to simplify the payment landscape and worked closely with the banks to create digital
payment solutions that could support QR code transactions. Lanka Pay drew inspiration from
India’s swift embrace of digital payments after the 2016 demonetization and sought to
revolutionize the digital payments scene in Sri Lanka.

Commercial Bank: Needs & Challenges

Commercial Bank decided to create an effective QR-based solution. It fitted in seamlessly with
the Bank’s already established digital plans and strategic vision of becoming the leader of the
digital banking industry in Sri Lanka.

The bank was already amid digital transformation, thus it wanted to take a step further to
provide a seamless QR-based payment solution that could benefit both retail and corporate
customers. Commercial Bank needed a comprehensive and scalable solution that would meet
its current challenges in the rapidly evolving digital payments landscape in Sri Lanka.

Why Euronet?

Commercial Bank has partnered with Euronet, the leading financial technology solutions and
payment technology provider, for over two decades on numerous payment card initiatives.
Thus, when the need for digitization emerged, the Bank turned to their reliable partner Euronet
and the experts from its Indian office led the transformation at the bank! The idea was to have a
robust and efficient solution that would provide a frictionless experience for customers.

How Did We Help?

With Euronet, Commercial Bank had a partner well versed in the payments landscape, digital
transactions, and QR payments. Euronet’s expertise and knowledge sharing facilitated a
smooth and hassle-free process in which the consumer was the final winner as they
experienced a streamlined and user-friendly solution called Q+ Payment App.

As a result, Q+ App has become the most popular payment option in Sri Lanka. The app also
recently received a gold category award by Lanka QR for best mobile application for retail

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