As part of the Bank’s commitment to empower the SME sector by enabling businesses to offer their customers a superior payment experience,‘PAX E700’ a versatile new Android-powered smart electronic POS device has been introduced in Sri Lanka by the Commercial Bank of Ceylon in partnership with Ceylon Business Appliances (CBA).
Designed to empower small and medium enterprises (SMEs) by streamlining daily operations, digitizing transactions, and enhance the customer checkout experience, this Smart POS seamlessly merges the reliability of a traditional cash register with the innovation of an advanced payment terminal, all within an Android-based platform.
It provides a user-friendly interface for seamless transaction processing, enhanced security features, and reliable connectivity to ensure uninterrupted sales operations. The device also supports detailed billing, efficient inventory management, and swift payment acceptance.
The compact design of the PAX E700 Smart POS allows it to fit seamlessly on any counter, while its versatile connectivity options of Wi-Fi, 4G and LAN ensure reliable transaction processing. Supporting multiple payment methods such as Visa, MasterCard, UnionPay, and LankaPay JCB, the device also incorporates advanced security protocols for safe and efficient transactions.
Commenting on the launch of this state-of-the-art device, Mr S. Ganeshan, Deputy General Manager – Personal Banking at Commercial Bank said: “Empowering the SME sector is a fundamental commitment at Commercial Bank. By introducing the PAX E700 Smart POS, we are providing this segment a cutting-edge digital tool that can play a pivotal role in helping businesses grow and thrive in today’s digital marketplace. The PAX E700 Smart POS is designed to reduce operational costs and enhance overall efficiency, enabling businesses to generate detailed bills for customers, maintain accurate inventory records, and improve sales – all while delivering a seamless payment experience.”
Mr Ruwath Fernando, Chief Executive Officer at CBA remarked: “CBA has always been a pioneer in providing state-of-the-art payment solutions in Sri Lanka. Our partnership with Commercial Bank to introduce the PAX E700 Smart POS represents another step forward in expanding our range of payment acceptance devices. We’re excited to see how this innovative product will empower businesses to offer secure, efficient, and convenient payment services to their customers.”
With Commercial Bank serving as the acquiring partner, merchants can trust in the Bank’s established financial services while benefiting from CBA’s expertise in payment technology, Mr Fernando added. “This collaboration reflects both organisations’ commitment to delivering innovative solutions that support Sri Lanka’s digital transformation.”
The first Sri Lankan bank with a market capitalisation exceeding US$ 1 billion, Commercial Bank was also the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a Microfinance company in Myanmar and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
