OrelPay is a payment solution which facilitates transactions via LankaPay CEFTS/JustPay network with the use of smartphones between customers and merchants. This eliminates the high cost incurred by third-party payment verification agencies and expensive equipment.
The mobile application facilitates account to account transactions between the merchant and the customer with the use of a quick reference code masking the real account. If both the parties hold accounts in the same bank, the transaction takes place as an account to account fund transfer. Alternatively, If the parties hold accounts in different banks, the transactions get facilitated through LankaPay.
Benefits of OrelPay
Ø Fast Transaction
Ø Real-time settlement
Ø No additional charges
Ø Same bank and multi-bank payments
How does it work?
The Merchants have a QR code masking their information displayed at their shops. The user must simply scan the displayed QR code and enter the amount to be paid and proceed. Following which the merchant and the user will receive a text message from the bank to confirm the completion of the transaction.
OrelPay mobile application provides maximum security to its users. At the time of registration, the user is required to enter the account number of their primary bank account and the phone number that is pre-registered with the bank. During the process of entering the phone number, the application grasps the IMEI number. Therefore, the user will not be able to use a separate phone to use this application.
In case of a lost mobile, the application cannot be used with a different SIM. The user must then contact the relevant bank account and change the mobile number in their bank database.
Additionally, the password protection to log in to the application keeps the information secure.
**The mobile application complies with the BSS (Baseline Security Standards) which is a common standard to comply with for mobile based applications for the financial sector organizations.