Cargills Bank and Mastercard collaborate to power ‘Tapit’

From left: Cargills Bank Limited Head of Card Services Kaushi Fernando, Cargills Bank Managing Director and CEO Senarath Bandara and Mastercard Country Manager Sri Lanka and Maldives Sandun Hapugoda

Cargills Bank and Mastercard have collaborated to launch Sri Lanka’s first contactless sticker payment solution. 
Titled ‘Tapit’, the new solution promises to revolutionise everyday transactions for Mastercard credit and debit cardholders.

Combining Mastercard’s global expertise in payments with Cargills Bank’s local insights, the Tapit solution will not only promote digital payments but will also advance contactless transactions, thereby furthering financial inclusion in the country and supporting its digital transformation. 

Tapit is an adhesive payment enabled sticker that can be easily pasted on a mobile phone, handbag or any other item of day-to-day use, which has a flat surface. It uses advanced near field communication (NFC) technology and is protected by military-grade EMV chip encryption and security protocols.

The cardholders can simply paste the sticker on the item of their choice and begin their contactless payments journey. To complete a transaction, all they need to do is hold the item close to the point of sale (POS) device. The transaction is concluded instantly with an SMS alert in real time. 

Cargills Bank Managing Director and CEO Senarath Bandara said, “This contactless sticker card represents Cargills Bank’s commitment to innovative banking solutions. Combining state-of-the-art technology with convenience and security, we are enhancing customer experience while advancing Sri Lanka’s digital banking landscape.”

Mastercard Country Manager Sri Lanka and Maldives Sandun Hapugoda said, “The launch of the first contactless sticker card marks a major milestone in payment innovation in Sri Lanka. Aligned with the country’s digital transformation vision, this solution will provide cardholders a highly secure and frictionless payment experience. Mastercard is delighted to collaborate with Cargills Bank to accelerate Sri Lanka’s transition to a cashless society.”