Commercial Bank of Ceylon has partnered with Mastercard to introduce Sri Lanka’s first Dynamic Currency Conversion (DCC) capability for online payments, marking a major milestone in the country’s digital payments ecosystem and offering a boost to tourism-related businesses.
Launched via Mastercard Payment Gateway Services (MPGS), the new solution enables international cardholders to pay in their home currency when making online purchases from Sri Lankan merchants. The service allows customers to view and confirm the final transaction amount in their own currency at checkout, improving transparency and reducing uncertainty caused by exchange rate fluctuations or post-transaction charges.
The initiative is expected to benefit sectors such as travel, hospitality and leisure, where overseas customers frequently make advance online bookings. By enabling DCC through MPGS, Sri Lankan merchants can offer a smoother, more globally aligned checkout experience, helping to attract and convert international customers with greater confidence.
The solution is delivered in collaboration with global DCC provider FEXCO, while Euronet Worldwide provides the switching and processing infrastructure that enables real-time currency conversion, transaction processing, clearing and settlement. Together, the partners support a seamless and secure payment experience for cross-border e-commerce, extending a service that Commercial Bank has already offered for in-store and point-of-sale transactions since 2019.
Commenting on the launch, Commercial Bank Managing Director and CEO Sanath Manatunge said the initiative reflects the Bank’s continued commitment to digital innovation and national economic growth.
“We have always been at the forefront of digital innovation, and introducing Sri Lanka’s first Dynamic Currency Conversion service for the Mastercard Payment Gateway is a testament to our commitment to merchants and the national economy,” he said. “This collaboration with Mastercard offers our merchant base a competitive advantage, a new revenue stream and a world-class payment experience that is transparent and convenient for international shoppers. It also supports Sri Lanka’s drive to attract more digital foreign revenue and strengthen tourism.”
Mastercard Country Manager for Sri Lanka and Maldives, Sandun Hapugoda, said the launch brings global best practices in digital payments to the local market.
“The introduction of DCC empowers international cardholders with choice and transparency when making payments. Commercial Bank has effectively leveraged MPGS capabilities, including advanced features such as Transaction Risk Management,” he said. “This achievement reflects strong collaboration with partners such as FEXCO and Euronet, enabling a robust and scalable solution for Sri Lanka.”
Commercial Bank was the first local bank to introduce MPGS in Sri Lanka in 2007 and today supports a wide merchant base with global online payment acceptance. The Bank currently facilitates multi-currency transactions in more than 10 international currencies and offers built-in fraud monitoring to ensure high security standards for merchants and customers.
The launch of DCC for online payments further strengthens Commercial Bank’s leadership in digital payments, enabling Sri Lankan businesses to deliver a world-class e-commerce experience while offering international customers greater clarity and control over their spending.
The country’s largest private-sector bank, Commercial Bank is also the first Sri Lankan bank to surpass a market capitalisation of US$ 1 billion and to be listed among the world’s Top 1,000 Banks. It has the largest Tier I capital base among local banks and is the leading lender to the SME sector. Recognised as Sri Lanka’s first 100 per cent carbon-neutral bank, Commercial Bank operates an extensive domestic network and maintains an international presence with branches in Bangladesh, a majority-owned Tier I bank in the Maldives, a microfinance operation in Myanmar and a representative office in the Dubai International Financial Centre. Its subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Ltd., further extend its financial services footprint.
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