Payable signs 2000 new mer­chants with Visa on is­land­wide pro­mo­tion

Daily Mirror (Sri Lanka) - - FINANCE -

Payable rev­o­lu­tionised cash­less mo­bile pay­ments in 2016, when it first en­tered the mar­ket with a mis­sion to em­power Sri Lanka’s mi­cro, small and medium en­ter­prises with the abil­ity to ac­cept elec­tronic pay­ments at a very low cost.

The com­pany re­cently part­nered with Visa Inc. on an is­land­wide pro­mo­tion, sign­ing on an im­pres­sive 2000 mer­chants over a pe­riod of two months.

In just over a year, the com­pany helped the num­ber of mer­chants ac­cept­ing card pay­ments in Sri Lanka grow by 30 per­cent and di­rectly fa­cil­i­tated trans­ac­tions in ex­cess of Rs.1.5 bil­lion. In De­cem­ber 2017 Payable marked a record month, with trans­ac­tion vol­umes dou­bling to 2000 a day.

The Visa pro­mo­tion was con­ducted in three stages, cover­ing Anuradhapura, Polon­naruwa, Kandy, Gam­paha, Matara, Rat­na­pura, Ku­rune­gala, Jaffna and Nuwara Eliya. The first two stages saw the Payable sales team visit a to­tal of 41 towns, while an­other 21 towns were cov­ered in the Nuwara Eliya stage of the pro­mo­tion. The team spoke to mer­chants, ex­plain­ing the ben­e­fits of ac­cept­ing cash­less pay­ments and how the abil­ity to pay via credit and debit cards ben­e­fits cus­tomers. The promo was also de­signed to high­light Payable’s low-cost model and eas­ily us­able in­ter­face which is avail­able in English, Sin­hala and Tamil and us­able any­where in Sri Lanka.

The mer­chants were re­sound­ingly pos­i­tive in their feed­back, not­ing that both Sri Lankans and tourists now pre­fer to make their pay­ments via card. For mer­chants that work sea­son­ally, Payable’s lack of monthly charges made it a favourable op­tion. More­over, the in­built au­to­matic rec­on­cil­i­a­tion fea­ture on Payable elim­i­nates the worry of main­tain­ing hard copies of re­ceipts as all the trans­ac­tions are recorded on the ap­pli­ca­tion.

“Our first part­ner­ship with Visa was a def­i­nite suc­cess and we are ex­cited about our plans to em­power more mer­chants around Sri Lanka in the sec­ond quar­ter of 2018,” said Payable CEO and Co-founder Yo­han Wi­je­siri­war­dane. “The in­ter­est we saw around the coun­try when we ran the pro­mo­tion was amaz­ing and we are ex­tremely grate­ful to Visa for mak­ing it pos­si­ble for us to ex­e­cute a pro­mo­tion of this cal­i­bre and look for­ward to more joint projects go­ing for­ward.”

Visa Sri Lanka and Mal­dives Coun­try Man­ager An­thony Wat­son noted that the pro­mo­tion’s suc­cess has set the course for more part­ner­ships in the fu­ture. “Find­ings from Visa’s re­cent pay­ment at­ti­tude sur­vey in Sri Lanka re­vealed that one out of two Sri Lankans are keen to adopt a form of dig­i­tal pay­ment so­lu­tions. This clearly val­i­dates the grow­ing ap­petite for cash­less pay­ments in Sri Lanka. The high num­ber of new mer­chants at­tained by the Payable team in the first two months fur­ther re­in­forces the po­ten­tial for dig­i­tal pay­ments and cards in par­tic­u­lar across Sri Lanka in times to come.”

Sales team from Payable signs on 2000 new mer­chants across Sri Lanka over a pe­riod of two months

Payable part­ners with Visa Inc. on an is­land­wide pro­mo­tion

Newspapers in English

Newspapers from Sri Lanka

© PressReader. All rights reserved.