Sri Lanka’s leading cashless payment provider surpasses Rs. 15 billion in transactions
Sri Lanka’s leading cashless payment solution provider, PAYable Ltd., has reportedly announced that it has processed Rs. 15 billion in transactions on its platform to date.
Commenting on the milestone, CEO and Co-founder Yohan Wijesiriwardane has been quoted as saying in the local media, “PAYable entering the cashless ecosystem in 2016 was a game changer; we disrupted the existing status, empowering MSME merchants who previously were not eligible for cashless payment terminals from banks. By empowering these merchants, we were able to change the way they manage and grow their revenue.”
According to local media reports, the PAYable solution is highly robust and scalable, compliant with the highest international payment security standards and the company believes it has just scratched the surface of what is possible in a ‘cashless Sri Lanka’.
“We are on track to introducing a pioneering range of solutions to strengthen both our banking partners and merchants, with support from our partners internationally. These innovations will benefit and bolster our current base of card-present and card-not-present solutions, which includes the new PAYable PRO and the PAYable MINI, our Android payment acceptance terminals, the sleek and simple Keypad MPOS that pairs with Android and iOS devices and the recently-launched PAYable Online, a web platform that gives merchants strong new services such as online store creation and integration of social media selling in a formal invoicing system.”
Working in partnership with several of Sri Lanka’s leading banks, PAYable has been a major driver in the growth of the cashless payment ecosystem in Sri Lanka, by enabling the significant increase of cashless payment acceptance points from 2.0 to 3.8 for every 1,000 Sri Lankans, the news report has added.
OSL take:
The passing of over Rs. 1.5 billion transactions in cashless payments is indicative of the expanding business/investment opportunities in Sri Lanka’s digital economic transformation. Sri Lankan authorities are focussed on transforming the country’s economy in to an e-economy. The development and expansion in Sri Lanka’s ICT and digital infrastructure development sectors have presented many business/investment opportunities in the country’s ICT and digital infrastructure development sectors.
| Article Code : | VBS/AR/20210318/Z_1 |