Mastercard has introduced two innovative payment solutions in Sri Lanka, named Soundbox and Cloud Commerce, aiming to enhance the accessibility of efficient, secure, and cost-effective digital payments for small businesses.
The announcement was made during the recent Access Unlocked Summit, underscoring Mastercard’s dedication to empowering merchants to engage confidently in the nation’s expanding digital economy.
In partnership with Ceylon Business Appliances (CBA), Commercial Bank of Ceylon, Payable Pvt Ltd, and Hatton National Bank (HNB), the Soundbox is a pioneering solution for Sri Lanka. It enables merchants to accept various payment methods, including QR and card transactions, all through a single device.
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This compact and user-friendly tool provides immediate audio feedback for each successful transaction, allowing merchants to confirm payments in real-time without hindering their operations. Designed for efficiency, Soundbox minimizes checkout wait times and eliminates the necessity for multiple payment terminals.
With a price point significantly lower than conventional point-of-sale (POS) systems, Soundbox aims to boost the acceptance of digital payments among small enterprises that have previously considered POS systems to be too expensive or complicated.
In tandem with this launch, Mastercard, in collaboration with Payable Pvt Ltd and Commercial Bank of Ceylon, unveiled the Cloud Commerce solution, showcasing a live transaction during the event.
The Mastercard Cloud Commerce transforms a merchant’s NFC-enabled smartphone into a secure payment terminal, removing the requirement for dedicated hardware. This solution accommodates Tap & Go card payments and QR transactions, making it particularly suitable for mobile vendors and on-the-go merchants.
Designed for adaptability and scalability, Cloud Commerce also provides multi-language support and digital transaction records, facilitating efficient payment management in dynamic settings. Collectively, these initiatives mark a pivotal advancement in Mastercard’s mission to broaden digital payment access and promote financial inclusion in Sri Lanka.
Sandun Hapugoda, Mastercard’s Country Manager for Sri Lanka and the Maldives, remarked, “The introduction of Soundbox and Cloud Commerce addresses significant obstacles that have historically hindered small businesses from embracing digital payments. By providing straightforward, affordable, and secure solutions that require minimal hardware, we aim to empower merchants of all sizes to engage in Sri Lanka’s flourishing digital economy.”
Caption: Left to Right: Yohan Wijesiriwardane – Co-Founder & CEO of Payable Pvt Ltd, Hon. Eng. Eranga Weeraratne – Deputy Minister of Digital Economy, Hon. Chathuranga Abeysinghe – Deputy Minister of Industries and Entrepreneurship Development, Sandun Hapugoda – Country Manager, Sri Lanka & Maldives, Mastercard, and Seevali Wickramasinghe – Head of Cards, Commercial Bank of Ceylon PLC.
