PAYable brings cashless payments to small and medium sized businesses


The last thing you need to be worried about in the future should be having exact change. With the rise of the internet and smartphones, there’s much talk about transitioning towards a cashless society. In countries like Sweden, the transition has already begun. In countries like Sri Lanka, we are still a cash-based society. However, we are taking steps to become a cashless society.

Today, you’ll find that credit and debit card usage is on the rise. However, despite this rise, it’s still a challenge for many small and medium-sized businesses (SME for short) to support credit and debit cards. This can be due to a variety of factors from the conditions set by the banks to not having a fixed landline. With their latest product, CBA Solutions hopes to fix this problem.

Photo credits: DailyFT
Photo credits: DailyFT

This is where PAYable comes in, a free mobile app that works with a Bluetooth card reader to help SME’s support cashless payments. The only thing a business owner has to do is enter the amount, swipe the card, get the customer’s signature and he’ll get the money in 1 -2 business days. If needed, a business can also get in touch with PAYable to upgrade to a dedicated Pin Pad.

Photo credits: PAYable
Photo credits: PAYable

In terms of security, PAYable seems to be adhering to the security standards developed by VISA, MasterCard, and other major card providers. However, what makes PAYable really interesting is that it’s absolutely free for everyone. Yes, it doesn’t matter how big or small your business is because anyone can get a PAYable free of charge. We spoke with PAYable and they confirmed that there are no initial setup or monthly costs. However, there will be a 3.5% bank charge on all transactions.

Such a service isn’t new to Sri Lanka though. A few years back, HNB introduced its MOMO application, which operates in the same manner as PAYable. A mobile app with a card reader attached to a phone or tablet. However, PAYable has one big difference and that’s not being exclusive to one bank. PAYable is in talks with many banks to finalize it as a value added service for the banks.

Needless to say, PAYable is an interesting concept. It’s almost too good to be true. However, if it does work then it would open the door for all small business owners, to offer a credit/debit card payment facility. Can PAYable surpass HNB and become the catalyst for cashless payments? That’s a question for which the answer will be revealed in due time. If you want to request a unit or learn more, check out


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