Business
Unlocking benefits and encouraging cashless transactions
Embracing debit cards
In today’s digital age, the use of debit cards has become increasingly prevalent, revolutionizing the way people conduct their financial transactions. With advancements in technology and the rise of online banking, debit cards offer numerous advantages over traditional cash payments. Nilmini Premalal, the Deputy General Manager: Payment, Process Management and Quality Assurance, at People’s Bank discusses the benefits of using debit cards and highlights why individuals should consider limiting their cash transactions.
One of the primary benefits of using a debit card is the convenience it offers. Carrying cash can be burdensome, as it requires finding exact change, counting bills, and ensuring its safety. In contrast, debit cards provide a compact and secure method of payment that can be easily carried in a wallet or purse. They enable users to make purchases at any time, whether in-store or online without the need for physical currency.
Debit cards provide enhanced security features compared to cash transactions. With cash, there is a higher risk of theft, loss, or misplacement. On the other hand, debit cards can be protected with a personal identification number (PIN), making it difficult for unauthorized individuals to access funds. Today debit cards are widely used to perform e-commerce transactions protected by 3D secure technology, which is an essential security protocol meant to prevent fraud in card transactions that take place online. If the debit card issuing bank has activated 3D security, when customers shop online at a participating merchant they are automatically recognized as protected by this feature.
Moreover, most debit cards are associated with financial institutions that offer robust fraud protection measures, including monitoring transactions for suspicious activity and providing immediate assistance in case of fraudulent charges.
Another benefit of using debit cards is the simplification of record-keeping and budget management. Every transaction made with the People’s Visa / Master / LankaPay JCB Debit card generates an electronic record, which can be easily accessed through online banking platforms or the People’s Wave mobile app. This feature allows individuals to review their spending patterns, track expenses, and analyze their financial habits more effectively. Additionally, debit cards can provide real-time balance information, helping users make informed decisions about their available funds and avoid overspending.
Post covid, there has been a growing emphasis on contactless payments to maintain hygiene and minimize the spread of germs. Debit cards, particularly those equipped with near-field communication (NFC) technology or mobile payment options, facilitate secure and touch-free transactions. This feature reduces the need for physical contact with payment terminals or the exchange of cash, providing added peace of mind in public settings.
While cash remains a widely accepted form of payment, there are several reasons why individuals should consider reducing their reliance on cash transactions which require them to withdraw money from ATMs or banks, which may involve additional fees or inconveniences. As the world becomes increasingly interconnected, digital payment systems, including debit cards, are becoming more prevalent, necessitating a shift toward embracing cashless transactions.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
