01 December 2023
Hutch Lanka has announced a strategic partnership with Bancstac to enable new payment acceptance capabilities across all of Hutch’s digital payment channels in Sri Lanka.
Bancstac partners with banks and other financial institutions to enable businesses to integrate payment capabilities from its partner banks. Hutch will deploy Bancstac’s technology across all its digital sales channels. This will enable Hutch customers to settle payments with all major cards including Visa, Mastercard, UnionPay International, American Express, Discover Network, and Diners Club.
“Bancstac’s payment technology offerings have enabled Hutch to gain access to an expanded customer base for payments and provide additional secure and low- friction payment options to our existing subscribers,” said Hutch acting CEO Saumitra Gupta. “They have further simplified our accounting and reconciliation process by providing a consolidated view of our digital payment transactions.”
According to Statista, the country’s total transaction value in the Digital Payments sector (which includes digital commerce, digital remittance and mobile POS payments) is projected to reach US$6.55 billion in 2023. The Mobile POS segment accounts for just over half of that amount at US$3.45 billion.
