Commercial Bank of Ceylon PLC is making history as the first bank in the country to collaborate with Google and Visa, a global leader in digital payments, to enable Google Pay for its cardholders as part of the Google Wallet launch. This is a defining moment for Sri Lanka’s financial landscape, setting a new standard for secure and convenient digital transactions.
Commercial Bank is the only bank in the Sri Lankan market to enable Google Pay for its Visa cardholders, giving its customers a first-mover advantage with this world-class mobile payment solution. This collaboration seamlessly integrates Visa’s trusted global network and advanced tokenization technology, Google’s secure and intuitive interface, with Commercial Bank’s robust digital banking ecosystem.
Visa debit and credit cardholders of Commercial Bank can now effortlessly add their cards to Google Wallet, authenticate via a one-time password (OTP) or verification through call center, and use their Android smartphones to make secure, contactless payments with a simple tap at any contactless-enabled Point-of-Sale (POS) terminal, anywhere Visa is accepted, locally and globally. Cardholders will no longer need to carry physical cards or cash, and can tap and pay using their NFC-enabled Android smartphones – driving a secure and easy payment experience
Commercial Bank has strategically collaborated with third-party service provider IDEMIA for tokenization, leveraging Visa’s Token Service (VTS). Tokenization secures every transaction by replacing the actual 16-digit card number with a unique digital token, ensuring the user’s sensitive data is never shared with merchants or stored on the device. Furthermore, Commercial Bank used payment infrastructure of Euronet, the bank’s card switch vendor, to launch this product, which guaranteeing reliable and secure transaction processing.
