Opportunity Sri Lanka | » PAYable completes Rs. 80 billion in transactions in Sri Lanka
PAYable completes Rs. 80 billion in transactions in Sri Lanka

PAYable completes Rs. 80 billion in transactions in Sri Lanka

Daily FT: PAYable Ltd., Sri Lanka’s leading non-bank digital payment services provider, yesterday reported robust performance in its 10-year journey with over Rs. 80 billion in transactions processed.
The company said it also plans to launch a host of new innovations, showcasing consistent growth and reliability.
In a move that signifies a major leap forward for PAYable, the company also announced the appointment of Rajendra Theagarajah as the new Board Chairman. A distinguished veteran in the banking and financial services sector, Theagarajah has been associated with PAYable since its inception, serving as an advisor. His elevated role as Chairman underscores his integral position in shaping the company’s strategic direction and future expansion.
Theagarajah, renowned for his leadership in financial services, has been at the forefront of promoting the growth of digital payment acceptance in Sri Lanka. The newly appointed Chairman has also held prestigious positions as Chairman of the Ceylon Chamber of Commerce, the Asian Bankers Association, the Association of Professional Bankers, and the Sri Lanka Banks Association, having served at international banking powerhouses such as Chase Manhattan Bank (now J.P. Morgan Chase) and Credit Agricole Indosuez and three vibrant local banking institutions. His extensive industry knowledge and leadership skills are poised to contribute significantly to PAYable’s ongoing success.
Commenting on his appointment Theagarajah said: “Sri Lanka has demonstrated resilience – having come out of the COVID-19 pandemic and economic downturn over the past few years, with a combination of surge in inbound tourism, inward remittances and an improved trade balance. PAYable is well positioned to play a key role in improving financial inclusion in the country by providing non-cash-based payment solutions, both in the device and non-device segments. As a company free of bank debt, PAYable is well poised to face exciting times ahead.”
Speaking on the company’s success in 2023 and his plans for 2024, PAYable’s CEO/Co-founder Yohan Wijesiriwardane said, “2023 has proven to be the culmination of a strategic growth plan that has finally seen fruition. Not only have we been able to grow our business and stay true to our ethos of empowerment and inclusivity, we have also been able to launch ground-breaking solutions that have revolutionised the digital payments industry in Sri Lanka. As a platform, PAYable has continued to serve each client with the highest standard of service, all while nurturing and growing our partner network. We are also proud to announce the appointment of Rajendra Theagarajah as Chairman of the Board – and will be leveraging his leadership, unparalleled experience, and insight to help take PAYable to new heights.”
PAYable’s strong partnerships with leading financial institutions and electronic card networks have been instrumental in solidifying its position as an industry leader. Such collaborations have not only strengthened the company’s presence, but also facilitated its continuous growth in the competitive digital payments landscape.
As PAYable looks ahead to the future, the company remains committed to empowerment, innovation and excellence. Led by an energetic young team passionate about financial inclusivity, the remarkable achievements of the past year serve to fuel the company’s ambitions, propelling PAYable towards continued success and prominence in the digital payment acceptance industry.
Speaking on PAYable’s plans for the future, Wijesiriwardane said, “As we look to 2024 and beyond, our plans include an international expansion drive that will see PAYable cultivate a footprint across selected emerging markets in South/Southeast Asia. We also plan to launch a unique consumer app that will link our extensive merchant base with consumers and partners directly, as well as evolve each of our products – all while continuing to offer innovative, secure, cutting-edge solution to the digital payments landscape in Sri Lanka.”

OSL take:
Sri Lanka’s path towards converting the country into an e-economy has resulted in the expansion of digital payment platforms. This has resulted in the growth in business/investment opportunities in Sri Lanka’s ICT and digital infrastructure development sectors. With the ongoing economic activities and the country’s path to becoming a business hub in the South Asian region have all increased the need for Sri Lanka to be on par with the latest international standards in ICT and digital infrastructure development. The magnitude of transactions recorded by digital payment platforms operating in Sri Lanka stands testament to the growing opportunities in the digital infrastructure sector. The Sri Lankan government’s decision to digitalise state sector operations has also presented many business/investment opportunities to the private sector including foreign businesses/investors engaged in the ICT and digital infrastructure development sectors. The growing business potential in the ICT and digital infrastructure development sectors therefore presents a host of lucrative business/investment opportunities to foreign businesses/investors.

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Article Code : VBS/AT/20240306/Z_7

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