Signs on Takas.lk as first merchant to be integrated with MPGS
The Commercial Bank of Ceylon in collaboration with Mastercard International has introduced payment processing through Mastercard Payment Gateway Services (MPGS) in Sri Lanka, and has integrated Takas.lk as the first merchant to use this service.
The first and only bank to offer MPGS in the country, Commercial Bank now provides the merchants a secure, cost-effective way to perform card-on-file transactions through tokenisation, keeping sensitive card details away from merchant’s systems. This unique feature that allows customers to perform one-click online purchases is fully compliant with Payment Card Industry Data Security Standard (PCI-DSS) requirements.
Tokenisation enables merchants to store the tokanised card number in their systems reducing the risk of exposing actual card numbers. The customers are required to enter the card details (card number, expiry date and cardholder verification value) only on the very first occasion they make a purchase through the website. With this solution, customers of Takas.lk are now able to perform repetitive purchases without having to re-enter card details for such transactions.
The tokenisation feature could be enabled by integrating a simple application programming interface (API) into the merchant’s checkout page/payment page, adding security while maintaining flexibility and control. When new payment cards are authorised, they are assigned a unique, configurable security token which is shared with the merchant whilst the sensitive card data is stored securely in Mastercard’s encrypted database. When merchants use the token for transactions, the gateway associates the token with the card number and submits it for authorisation and for subsequent settlement.
Other benefits of using MPGS include access to a comprehensive set of fraud mitigation tools; support to both ‘Mastercard SecureCode’ and ‘Verified by Visa’ 3D secure authentication solutions. MPGS also supports device optimised payment screens which are designed provide a seamless experience to users of various devices.
Commenting on this launch, Commercial Bank’s Chief Operating Officer Mr. S Renganathan said: “Commercial Bank is proud to be the first bank to introduce this state-of-the-art technology to Sri Lankan consumers together with Mastercard. The Bank always strives to introduce technology that matters in the lives of customers and we are confident this technology will significantly enhance the online shopping experience of Takas.lk customers.”
The Co-Founder/CEO of Takas.lk Mr. Lahiru Pathmalal said: “Takas.lk is one of the top e-Commerce companies in Sri Lanka because of our emphasis on customer service and our technological edge over everyone else. I believe the ability for us to do one-click in Sri Lanka will enhance the customer experience in a most positive way. Being the first to integrate one-click at this scale is also a testimony to our fully in-house technology team. We are very pleased to have partnered with Commercial Bank to deliver this product to the market.”
Takas.lk is one of Sri Lanka’s leading e-commerce platforms for electronics.
Headquartered in New York, Mastercard is a leading global payments and technology company that connects consumers, businesses, merchants, issuers and governments around the world; enabling them to use electronic forms of payment instead of cash and cheques.Mastercard Payment Gateway Services provides partners with a white label technology solution for payment processing and fraud prevention.
The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for seven years consecutively, Commercial Bank operates a network of 261 branches and 767 ATMs in Sri Lanka. The Bank has won more than 30 international and local awards in 2016 and 2017 and has over the years received multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank and Most Respected Bank from a number of local and international institutions and publications.