In a significant advancement for Sri Lanka’s digital payment landscape, Commercial Bank of Ceylon has partnered with Mastercard to introduce the country’s first Dynamic Currency Conversion (DCC) capability for online payments. This initiative is part of the bank’s ongoing efforts to support tourism-related businesses and enhance convenience for international travelers.
The new DCC feature, enabled through the Mastercard Payment Gateway Services (MPGS) platform, allows international cardholders to make online purchases from Sri Lankan merchants in their home currency at checkout. This capability is designed to help local merchants, especially in the travel, hospitality, and leisure sectors, by providing a more transparent and user-friendly checkout experience for overseas customers booking flights, accommodations, and related services.
With DCC, foreign cardholders can view and confirm the final transaction amount in their home currency before completing an online purchase. This eliminates the uncertainty associated with fluctuating exchange rates or unexpected charges, as the exchange rate and any associated fees are displayed upfront and processed in real-time.
The solution is delivered in collaboration with global DCC provider FEXCO, and Euronet Worldwide, which provides the advanced switching and processing infrastructure necessary for real-time currency conversion and transaction processing. This partnership extends Commercial Bank’s successful in-store DCC offering, available since 2019, into the rapidly growing e-commerce space.
Commenting on this milestone, Mr. Sanath Manatunge, Managing Director/CEO of Commercial Bank, stated: “We have always been at the forefront of digital innovation. Introducing Sri Lanka’s first Dynamic Currency Conversion service for the Mastercard Payment Gateway is a testament to our commitment to merchants and the national economy. This collaboration with Mastercard provides our merchant base with a competitive advantage, a new revenue stream, and a world-class payment experience that is transparent and convenient for every international shopper. This is a crucial step in supporting Sri Lanka’s drive to attract more digital foreign revenue and promote tourism.”
Mr. Sandun Hapugoda, Country Manager for Sri Lanka and Maldives at Mastercard, added: “Mastercard congratulates Commercial Bank of Ceylon for pioneering this milestone. The introduction of DCC brings global payment best practices to Sri Lanka, empowering international cardholders with choice and transparency when making payments. The bank has fully leveraged MPGS capabilities, including advanced features like Transaction Risk Management (TRM). This achievement is the result of seamless collaboration and technology integration with partners like FEXCO and Euronet, making this much-needed solution a reality for the market.”
The launch of DCC for online payments further solidifies Commercial Bank’s leadership in digital payments. As the first local bank to introduce MPGS in Sri Lanka in 2007, Commercial Bank supports a diverse merchant base with global online payment capabilities, facilitating multi-currency transactions in over 10 international currencies while providing built-in fraud monitoring to ensure security and trust for merchants and customers alike.
By extending DCC to online payments, the bank enables Sri Lankan merchants to offer a checkout experience that meets global e-commerce standards, providing international customers with cost clarity and control over their payment methods.
Commercial Bank, the first Sri Lankan bank with a market capitalization exceeding US$ 1 billion, was also the first to be listed among the Top 1000 Banks of the World. As the largest private sector lender in Sri Lanka and a leader in digital innovation, the bank operates a network of branches and automated machines island-wide, with an extensive international presence.
Photo caption: Mr. Sanath Manatunge, Managing Director and CEO of Commercial Bank, and Mr. Sandun Hapugoda, Country Manager for Sri Lanka and Maldives at Mastercard.
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