National Savings Bank (NSB) and Mastercard Unveil Groundbreaking Pay by Account Technology-Backed Mastercard Platinum Digital First Debit Card
The National Savings Bank (NSB), Sri Lanka’s premier savings bank, with the highest number of customer accounts and the exclusive 100% government guarantee, is embarking on a significant technological overhaul. NSB is setting new standards in customer convenience and technological advancement to drive progress in Sri Lanka’s banking landscape.
In a groundbreaking collaboration reflective of NSB’s commitment to innovation, the bank has joined forces with Mastercard to introduce the first-ever Pay by Account (PbA) technology-backed Mastercard Platinum Debit Card in Sri Lanka. This collaboration extends the reach of the NSB Pay App globally, promising an enriched user experience and enticing rewards for its esteemed customers.
This brand-new product was officially launched at the Hilton Hotel recently, with the participation of the senior officials of NSB and Mastercard, as well as invited customers, which marked a significant milestone in Sri Lanka’s banking industry.
Sandun Hapugoda, Country Manager, Sri Lanka & Maldives at Mastercard, said, “Mastercard is thrilled to have NSB as a long-standing partner and is committed to supporting the bank in its digital-first journey. The launch of Pay by Account will not only play a role in powering higher digital payments adoption but will also provide cardholders more choice, security, and benefits. With its innovative products and solutions, Mastercard is well-positioned to meet the needs and aspirations of Sri Lanka’s connected consumers, who seek immediacy, safety, and convenience in their banking and payment services.”
Mrs. Shashi Kandambi, General Manager/CEO of NSB, emphasized the NSB’s commitment to leveraging the state-of-the-art technology to enhance customer experience and embrace the latest innovations that unite the world as a global family. NSB firmly believes that such advancements not only promote technological literacy among the people of the country but also benefit all stakeholders involved.
The introduction of the innovative Pay by Account technology-enabled Mastercard Debit Card represents a significant leap in digital payment capabilities, opening doors to a myriad of opportunities within the payment ecosystem. NSB leads the Sri Lankan market by unveiling the first-ever virtual card with comprehensive digital capabilities, tailored to meet the evolving needs of both digital-savvy and newfound users of digital banking services.
A cornerstone of this technological advancement is the implementation of Mastercard Pay by Account technology, powered by Mastercard Digital Enablement Services. This empowers NSB customers to tokenize various financial instruments, facilitating seamless payments in the open-loop payment ecosystem through e-commerce, QR, and Contactless.
The first customer onboarding was conducted, with Dr. Dharmasri Kumaratunge, the Secretary to the Ministry of Technology and the Chairman of the Telecommunications Regulatory Commission of Sri Lanka, as the inaugural customer, and Mr. Mahesh Maduranga Liyanage, Senior Software Engineer became the 2nd customer.
As NSB Pay App users are now able to engage in e-commerce transactions, and sooner with QR payments, and Contactless (Tap & Pay) Transactions, the overall convenience and inclusivity of digital payment services for all Sri Lankans are greatly enhanced.
As part of the inaugural offer, National Savings Bank will launch the enticing “NSB-PBA Cashback” Where the first 2000 customers will get a Rs. 500 cashbacks when they sign up for a Virtual Card on the NSBPay app and make their first utility bill payment to Electricity or Water between March 22nd and April 14th, 2024.
The collaboration between NSB and Mastercard signifies a commitment to innovation and a drive towards digital transformation in Sri Lanka’s banking landscape. It is a testament to the shared vision of both entities to empower individuals and businesses with secure, convenient, and cutting-edge payment solutions.