DFCC Bank, one of Sri Lanka’s premier commercial banks, has announced that its merchant Point-Of-Sale (POS) machines have been enabled with the acceptance of UnionPay cards. DFCC Bank has embarked on an aggressive expansion strategy since it launched its merchant acquiring business in 2020. Since then, the Bank has grown into a significant player within the industry, adding various payment service providers to its network. With the implementation of UnionPay, DFCC Bank’s merchant acquiring network now accepts all the top card brands.
Commenting on the success of DFCC Bank’s merchant acquiring businesses, Denver Lewis, Vice President/Head of Card Centre at DFCC Bank said, “It is nothing short of remarkable that we have managed to implement such wide card acceptances within just a couple of years. Thus, we are immensely proud to announce the new partnership with UnionPay. We don’t intend to stop here, and soon our Internet Payment Gateway Services (IPGS) will be enabled with UnionPay card acceptance. UnionPay has been growing in popularity worldwide, and we look forward to facilitating cardholders to make their payments through our electronic channels conveniently. We are actively working to implement more new initiatives to strengthen this partnership further. DFCC Bank intends to continue developing its merchant acquiring business while leveraging digital technology to provide full enablement to customers and merchants. To this end, the Bank ensures that all its merchant terminals meet specific minimum standards, such as being Android enabled for quick and smart access. The acceptance of UnionPay by DFCC’s merchant acquiring network will extend to the Bank’s state-of-the-art IPGS and provide seamless access for customers and merchants.”
As a bank that strongly supports small and medium businesses, DFCC Bank is presently amidst an ambitious merchant network expansion plan focusing on SMEs &MSMEs. The Bank has also designed and implemented a Micro Merchant Programme to encourage small businesses to accept digital payments while simultaneously increasing access and removing barriers to entry for merchant accounts. Traditionally, high barriers to entry and excessive costs kept small businesses away from digital payments, but DFCC Bank is working to change this status quo. DFCC Bank’s POS terminals and IPGs are deployed across a diverse collection of small and large businesses, including hospitals, clothing chains, supermarkets, and other establishments.