WEBXPAY celebrates 5th anniversary supporting countless businesses with online payment gateways

WEBXPAY, a secure and reliable Internet payment gateway provider, completes five years of operations this month.

An idea nurtured for months reached fruition when the founders established WEBXPAY in December 2015. With the motto of ‘We don’t dream about success, we work for it’, within five short years, the fin-tech has grown from strength to strength, garnering 2,000 merchants and processing over Rs. 3 billion in transactions by year-end, the company said in a media release.

Incorporated five years ago, WEBXPAY made a splash in the market back in April 2016, with the express aim to enable SMEs to enter into the sphere of e-commerce at affordable cost without facing significant barriers. Within three months, in June 2016, 100+ merchants signed up in its journey to contribute to financial inclusion and inclusive growth in Sri Lanka. Along its journey to transform the e-commerce space, WEBXPAY in January 2017 successfully concluded discussions with the Central Bank to operate without any disruption on the basis of its experience and knowledge of the domain that the founders possessed.

“There was no looking back after this, as by May 2018, WEBXPAY recorded Rs. 500,000,000 worth of transactions and on-boarded 1,000 merchants in 2 years of setting up operations. By this time, WEBXPAY’s acceptance was apparent in the fact that by June 2018 it had entered into partnerships with 4 leading local commercial banks, which linked their substantial base of customers to the benefit offered by WEBXPAY’s digital platform, enabling them to make their payments online for an extremely wide range of goods and services,” the release said.

Despite the pandemic situation prevailing in the country, WEBXPAY’s performance exceeded expectations, achieving a billing of Rs. 2.5 billion within five years of operations in the digital payment space by September and going on to expand to Rs. 3 billion to complete year 2020 and commemorate its anniversary in a fitting manner.