ComBank IPG services record remarkable growth momentum | Sunday Observer

ComBank IPG services record remarkable growth momentum

27 September, 2020

Payment processing services deployed by the Commercial Bank of Ceylon today accounts for approximately two out of every five transactions, a media release from the Bank stated.

This market share of 40% in value terms is a testament to the role the Bank has played in supporting the country’s retail industry and promoting online sales for customers.The Bank supports the online payment processing of over 500 merchants through Mastercard Payment Gateway Services (MPGS) and Visa Cybersource, two of the world’s leading payment gateway platforms which are fully-compliant with Payment Card Industry Data Security Standard (PCI-DSS) requirements. The third IPG solution of the Bank is ‘ComBank SimplePay’ which is a simplified, Sri Lankan adaptation of the Mastercard product “Simplified Commerce.”

MPGS and Visa Cybersource platforms offer tokenisation support, eliminating the need for customers to re-enter their card details when performing repetitive transactions with a specific merchant.

This is made possible as the card details are stored securely by the Bank.