ComBank and Mastercard have launched Sri Lanka’s first Dynamic Currency Conversion solution for online payments.

As part of its ongoing efforts to strengthen tourism-related businesses and enhance convenience for foreign travellers, Commercial Bank of Ceylon has partnered with Mastercard to introduce Sri Lanka’s first Dynamic Currency Conversion (DCC) capability for online payments—marking a significant milestone in the country’s digital payments ecosystem.

Enabled through the Mastercard Payment Gateway Services (MPGS) platform, the new DCC feature allows international cardholders making online purchases from Sri Lankan merchants to complete transactions in their home currency at checkout.

This first-of-its-kind online payment capability is designed to help local merchants expand their global reach by enabling overseas customers to book and pay online with greater confidence. By integrating Dynamic Currency Conversion with MPGS, Sri Lankan merchants—particularly in the travel, hospitality and leisure sectors—can now offer international customers a more transparent and seamless checkout experience when making reservations for flights, accommodation and related services.

Dynamic Currency Conversion allows foreign cardholders to view and confirm the final transaction amount in their home currency before completing a purchase, rather than being charged in Sri Lankan Rupees. Exchange rates and any applicable fees are displayed upfront and processed in real time, eliminating uncertainty caused by fluctuating exchange rates or unexpected post-transaction charges.

The solution has been implemented in collaboration with global DCC provider FEXCO, while Euronet Worldwide supplies the advanced switching and processing infrastructure that supports real-time currency conversion, transaction processing, clearing and settlement. Together, these partners deliver a secure, transparent and seamless cross-border payment experience, extending a capability that Commercial Bank has successfully offered for point-of-sale and in-store transactions since 2019 into the rapidly growing e-commerce space.

Commenting on the launch, Mr. Sanath Manatunge, Managing Director and Chief Executive Officer of Commercial Bank, said:
“We have consistently been at the forefront of digital innovation, and the introduction of Sri Lanka’s first Dynamic Currency Conversion service for the Mastercard Payment Gateway reflects our strong commitment to merchants and the national economy. This collaboration with Mastercard provides our merchant base with a competitive advantage, an additional revenue opportunity, and a world-class payment experience that is both transparent and convenient for international shoppers. It is a vital step in supporting Sri Lanka’s efforts to attract digital foreign revenue and promote tourism.”

Mr. Sandun Hapugoda, Country Manager for Sri Lanka and Maldives at Mastercard, added:
“Mastercard congratulates Commercial Bank of Ceylon on pioneering this important milestone. The introduction of DCC brings global payment best practices to Sri Lanka, empowering international cardholders with greater choice and transparency. The Bank has fully leveraged MPGS capabilities, including advanced features such as Transaction Risk Management. This achievement reflects seamless collaboration and technology integration with partners including FEXCO and Euronet, making a much-needed solution a reality for the market.”

The launch of online Dynamic Currency Conversion further strengthens Commercial Bank’s leadership in digital payments. The Bank was the first local bank to introduce MPGS in Sri Lanka in 2007 and today supports a large and diverse merchant base with the capability to accept online payments globally. Commercial Bank currently facilitates transactions in more than 10 international currencies and offers built-in fraud monitoring within MPGS to ensure high levels of security and trust for both merchants and customers.

By extending DCC to online payments, Commercial Bank enables Sri Lankan merchants to deliver a world-class checkout experience aligned with global e-commerce standards, while providing international customers with greater clarity and control over their payments.

Commercial Bank is the first Sri Lankan bank to achieve a market capitalisation exceeding US$ 1 billion and the first to be listed among the Top 1,000 Banks of the World. It has the highest Tier I capital base among Sri Lankan banks and is the country’s largest private-sector lender and the largest lender to the SME sector. A leader in digital innovation, Commercial Bank is also Sri Lanka’s first 100 per cent carbon-neutral bank.

The Bank operates an extensive island-wide network of branches and automated machines and maintains the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a majority-owned Tier I bank in the Maldives, a microfinance company in Myanmar, and a representative office at the Dubai International Financial Centre. Its fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Ltd., further extend the Group’s comprehensive financial services offering.