Advancing consumer convenience and embracing technological innovation, the collaboration will result in the introduction of a fully automated, Near Field Technology (NFC)-enabled vending machine service branded ‘Grab.it’ across Sri Lanka.
These machines will accept contact and well as contactless card payments.
The Bank said this is the first time a Sri Lankan bank has engaged with a fintech company to offer such a technologically-advanced solution in the retail sector.
The state-of-the-art IM30 Point-of-Sale (POS) machines supplied by CBA have been seamlessly integrated into these vending machines, allowing them to accept Visa, MasterCard, UnionPay, LankaPay, and JCB cards, with payments processed by the Commercial Bank Internet Payment Gateway (IPG).
These vending machines can be installed in public areas such as shopping malls, hospitals, sports stadiums, educational institutions and rail and bus terminals, to offer a wide spectrum of over-the-counter products such as non-alcoholic beverages, snacks, confectionery and other packaged items.
This initiative also presents new opportunities for self-digital boutiques for aspiring retail entrepreneurs, the Bank said.
Powered by CBA's WireMe platform, all transactions, including inventory monitoring and payments, will occur in real-time, ensuring seamless visibility for business owners and the Bank alike.
The integration of state-of-the-art unattended PAX IM30 Point-of-Sale (POS) machines into the ‘Grab.it’ vending machines enables acceptance of various payment methods, and the exclusion of cash handling will ease out the operation complexities.
The machines accept only card payments and all transactions are recorded and can be reconciled against the inventory.
Commenting on this new milestone in technological advancement, Commercial Bank Chief Operating Officer Mr S. Prabagar said:
“This initiative is part of our ongoing efforts to introduce cutting-edge payment technology and provide a superior customer experience, reinforcing the Bank’s position as a leader in the banking industry in Sri Lanka and beyond.”
“This development not only signifies a leap forward in modernising the retail experience in Sri Lanka, it also enhances the ease of transactions for customers, promoting a contactless and cashless payment environment which contributes to sustainability.”
Mr Ruwath Fernando, Executive Director/CEO of CBA, echoed this sentiment, stating:
"We are thrilled to collaborate with Commercial Bank on this ground-breaking project, setting a new benchmark for retail and banking technology in our nation.
This partnership not only integrates technology seamlessly but also pioneers innovative payment solutions for the retail sector.
The convenience of secure, swift payments at these vending machines represents a significant leap forward in consumer convenience."
Established in 1970, CBA has been committed to delivering cutting-edge hardware and software solutions and services across various sectors in Sri Lanka and the Maldives.
Serving over 20,000 companies in the government, private, and financial sectors, CBA specializes in Fintech, Office Automation, High-Security Printing, Work Tech, and Retail Tech, among others.
Representing 30+ renowned international brands in Sri Lanka, CBA continues to innovate and empower businesses across multiple sectors.
The first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the country’s first 100% carbon neutral bank, Commercial Bank operates a strategically-located network of branches and 964 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector.
Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.
Photo Caption Commercial Bank Chief Operating Officer Mr S. Prabagar, Ceylon Business Appliances CEO Mr Ruwath Fernando and the Bank’s Deputy General Manager - Retail Banking & Marketing Mr Hasrath Munasinghe with representatives of the ComBank Card Centre and CBA at the launch of the new vending machine.