The partnership between DFCC Bank, UPI and Bancstac further enhances DFCC Bank's Internet Payment Gateway Services (IPGS).
"DFCC Bank is committed to delivering convenient, ease-of-use, secure and cost-effective payment acceptance methods to support our customers towards achieving their business goals," said Denver Lewis, Vice President, and Head of Card Centre at DFCC Bank, as he explained the strategic benefits of the partnership with UPI and Bancstac.
"We aim to be the payment solution of choice for Sri Lankan businesses by helping them reach a significant new international customer base that otherwise would not be available to them, who prefer to pay for goods and services with their UnionPay debit, credit and pre-paid charge cards."
Merchants can seamlessly integrate DFCC Bank's IPGS into their website, mobile app, and other e-commerce platforms while creating a frictionless and secure digital payment experience.
Additional value-added services available through DFCC Bank's IPGS include merchant-branded payment pages, encrypted tokenization for recurring payments, e-commerce plugins, APIs for bulk payment processing, and e-payment links.
Merchants will also receive access to an online administration portal, through which they can easily access transaction reports and manage other advanced payment features, such as creating transaction rules customized to business needs to help manage risk and reduce fraud.
Head of UnionPay International South Asia, Hu Binghan, added,
"We are delighted to continue to support and help accelerate card-not-present UPI 3DS 2.0 acceptance capabilities for all our scheme members, including DFCC Bank.
We see digital payments continue to grow rapidly to represent an increasing proportion of overall transaction volumes across the region.
We are pleased with our strategic technology partner, Bancstac.
We cannot speak highly enough about their proven technology, professionalism, reliability, and their team's ability to consistently achieve speedy turn-key integrations with complex core banking systems for our valued scheme members.
Bancstac is UPI’s technology partner certified to provide bank-grade 3DS 2.0 MPI server solutions with direct endpoint connection to our card scheme."
Commenting on the partnership, Evan Lau, CEO at Bancstac, said,
"It is with great pride that we are delivering payment innovations, and connecting the world's largest card scheme, to one of the oldest banks in Sri Lanka with a rich history spanning over 68 years.
Bancstac is committed to supporting its strong partnership with DFCC Bank.
Looking forward to the near future, we are excited to be nearing completion of the development of DFCC Bank's IPGS to display dynamic QR codes for all global apps that can scan UnionPay QR.
This capability will enable cross-border bank-to-bank settlements from international third-party bank accounts to domestic merchant accounts approved by DFCC Bank.