With cashless payments being the next best thing since sliced bread, many countries have or are in the process of adopting to a cashless society. In fact, Sri Lanka too has its own startup catering to that particular niche. If you recall, we spoke about PAYable; a startup launched in early 2016 that debuted a platform that wanted to revolutionize cashless mobile payments.
The beginnings of PAYable
Incubated out of Ceylon Business Appliances Ltd (CBA), PAYable is a free mobile app for both iOS and Android that works with a Bluetooth card reader, thus enabling merchants and vendors to accept credit and debit card payments from customers. This essentially turns that smartphone or tablet into a portable Point of Sales device. Since their launch in 2016, PAYable has worked relentlessly to gain the trust of Micro, Small and Medium Enterprises (MSMEs) and entrepreneurs and has also become a favorite of major banks.
PAYable launched their first devices in June 2016. Since then, the total number of Sri Lankan merchants accepting card payments has increased by 25%, facilitating transactions upwards of LKR. 750 Million. Needless to say, the platform is experiencing rapid growth across Sri Lanka.
A 100% Reason to Remember The Name
All this, thanks to the hard work and dedication of Sujith Subasinghe, PAYable’s late Co-Founder and CEO who passed away in July 2017, together with Co-Founder and incoming CEO, Yohan Wijesiriwardane. The platform is now enjoying rapid growth across Sri Lanka. In fact, PAYable announced the successful completion of a round of funding, drawing in major investment. This investment would bring about extended credit and debit card usage and also a growth in e-Commerce in Sri Lanka.
PAYable has partnered with three of Sri Lanka’s largest private sector commercial banks and has also received investments from Clarkeview Investments Limited. With all these in mind, the company is in the process of implementing a fully market-tested plan in order to expand its network of merchants to 20,000 by the end of 2018 and 5 times that by 2020. Furthermore, according to Yohan Wijesiriwardane, PAYable is also planning on major expansions to PAYable’s service offerings. This would include new products and devices that would enable users to accept even more types of payment accepted through the platform.
We congratulate PAYable on all their achievements and are eagerly awaiting any details on the exciting plans they have in the future. If you would like to learn more about PAYable, you can do so by clicking here