LankaClear (Private) Limited (LankaClear and JCB International Co., Ltd. (JCBI), have entered into a strategic partnership for the establishment of the National Card Scheme (NCS) under the direction and supervision of the Central Bank of Sri Lanka.
Under the NCS program, domestic banks and financial institutions can choose to issue LankaPay-JCB co-branded debit cards. LankaPay-JCB co-branded cards will be accepted across LankaPay payment network (ATM and POSs) locally and across JCB international network globally, especially providing a lower cost card acceptance in the Asian countries.
In addition, the strategic partnership would also facilitate the acceptance of international JCB and partner network cards at ATMs and merchants who are on LankaPay network.
JCB has entered into a strategic partnership with our neighbour, India and has commenced issuing co-brand RuPay JCB cards in India. Hence, both Sri Lankan co branded card holders touring India and Indian co-branded card holders touring Sri Lanka will be benefitted by this added convenience of using their debit and credit cards securely cross-border
Why LankaPay-JCB Co-branded Payment Card?
LankaPay-JCB co-branded payment cards will provide following benefits to card issuing institutions, in turn such benefits passed on to the respective card holders, the public:
A payment card, that provides the customer the convenience of using it as a ATM / Debit card and a Stored Value / Pre-Paid card. A holder of this card does not need to carry cash or multiple payment cards, but a single card facilitates multiple form factors to cater for all the customer needs.
This special payment card allows you to access your designated primary savings/current account, and there is a separate component of the card where you have the freedom to top-up and use whenever you wish to. The transactions are processed in no time without depending on the telecommunication or network connectivity while providing the card holder the real “Tap and Go” experience. The card powered by this unique capability is known as the “2in1” card..
The Central Bank of Sri Lanka has entrusted LankaClear (Pvt) Limited to implement the Sri Lanka Transit Card and the Central Bank of Sri Lanka also has recognized the National Card Scheme (NCS) to drive the card base of Sri Lanka Transit Card Program.
The four-party agreement for the implementation of SLTC was signed amongst Sri Lanka Transport Board (SLTB), National Transport Commission (NTC), People’s Bank and LankaClear Ltd. at the Ministry of Transport on 22 April under the distinguished patronage of Minister of Transport Gamini Lokuge, State Minister – Vehicle Regulation, Bus Transport Services.