Launching an SME-led shift to cashless transactions with PAYable
View(s):A new home-grown cashless mobile payment system called ‘PAYable’ is set to grow Sri Lanka’s individual, micro and small-medium enterprises (SMEs). Made up of pioneering mobile phone app paired with a Bluetooth card reader, both of which are to be distributed free of charge, PAYable will enable an entirely new and previously untapped segment of Sri Lanka’s economy to reap the benefits of transacting via credit and debit cards, unhindered by their typically associated costs. The mobile app is compatible with a wide range of smart phones and tablets, CBA Solutions Ltd, developers of PAYable, said in a media statement last week.
CBA Solutions Ltd said it was aiming to make their solution an ubiquitous part of the Sri Lankan payment landscape within the coming years.
“Having gathered some very in-depth experience developing IT-based solutions for a diverse range of industries, we felt that there was a lot of expertise that we could bring back to Sri Lanka and utilise towards creating new solutions to relatively old problems. Working closely with stakeholders, we have not only created a technology solution but put in place a business model, that removes barriers for card acceptance for the individual, micro and small-medium enterprises. Empowering this segment for growth, is a core principle of PAYable,” CBA Solutions Co-Founder and CEO, Sujith Subasinghe explained.
Working together with Yohan Wijesiriwardane, who serves as CBA Solutions’ Chief Operating Officer, the duo collaborated with Ceylon Business Appliances. The result is a stable, secure system capable of being flexible and accessible enough to meet the needs of individual, micro, and small and medium enterprises. It also incorporates the stability and security vital to a successful cashless payment solution. PAYable hit the market last month with devices being introduced to potential merchants, coupled with a communications campaign to reach merchants as well as customers.