PAYable draws in major investment; gears for accelerated growth
Launched just last year, the revolutionary PAYable cashless mobile payments platform has gained the trust and suppor t of a diverse cross- section of Micro, Small and Medium Enterprises ( MSMEs) and entrepreneurs and has become the leading choice for major banks.
PAYable is a free mobile app paired with a free Bluetooth card reader that enables merchants to accept credit and debit card payments from their customers. A highly reliable, durable and compact card reader, PAYable can be paired with any Android or iOS smart phone or tablet to effectively convert it into a secure, flexible and simple to use mobile Point- of- Sales ( POS) solution, the company said in a media release.
Built on the inspirational and visionary leadership of Sujith Subasinghe, PAYable’s late Co- Founder and CEO together with Co-Founder and incoming CEO, Yohan Wijesiriwardane, the platform is now enjoying rapid growth across Sri Lanka. Mr. Subasinghe passed away recently before this media release was issued.
“It is a very promising time for us at PAYable particularly with the outstanding market success we have enjoyed, leading up to our most recent round of funding. We are inspired by the enthusiastic and overwhelming support our platform has received by everyone in our ecosystem - which includes our merchant end- user and their consumers, the forward- thinking banks who adopted our solution quickly, and guidance provided by our investors who are of the highest calibre. We believe that the future includes a balance between older methods of payment such as cash and cheques, rapidly evolving forms of well- accepted methods such as cards, and emerging methods comprising wallets and other modes of peer to peer online ( card- less) payments. Our technology and business strategy encompasses thoughtful considerations of all these factors, as well as what top Fintechs are doing to digitally transform banking and payments,” Mr. Wijesiriwardane said.
PAYable which launched its first devices in June 2016, has since grown the number of Sri Lankan merchants accepting card payments by 25 per cent in just over a year, and has directly facilitated transactions in excess of Rs. 750 million.
This rapid growth was driven by PAYable’s growing acceptance as the partner of choice by leading banks with others lined up in various stages of testing. The technical strength of PAYable’s platform has resulted in flawless performance when validated by the banks, the release said.
Having partnered with three of Sri Lanka’s largest private sector commercial banks and backed by substantial investments from Clarkeview Investments Ltd, PAYable is now implementing a fully market- tested plan to expand its network of merchants to 20,000 by the end of 2018 and 100,000 by 2020.