UPay rolls out mobile payment solution in Sri Lanka

The solution has a basic registration process to identify the consumer, including the name, NIC number, email address and mobile number. Users enter the details once and reuse it all the time. There is no limitation for the number of cards or bank accounts that can be added on the app.

With UPay, there is no need for big infrastructure to adapt to cashless transactions. Merchants have to convert their smartphones into a card terminal and download the Merchant mPOS (mobile point of sale) app, sign up, log in and generate a static QR code for any specific amount. The QR code will be scanned by the consumers on the UPay app, mention the amount of the bill and the transaction will be done in real time from the consumers account to the merchants account.

The merchants that UPay signs up with have multiple ways of transactions: the static QR code, a dynamic QR code (which generates a unique bill that would capture the payment amount and the merchant details), SMS pay, NFC (a ‘tap and pay’ mechanism which allows consumers that have NFC to tap the merchants’ phone to make the transaction). For NFC, there is no scanning needed; the merchants’ mobile phone will be recognised as the receiving party, the consumer having to enter the amount, tap and make the payment.