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LankaPay leads Sri Lanka corporate sector  digital evolution

In the wake of the introduction of the payment and settlement act, the evolution of the national digital payment ecosystem and many innovations have been facilitating digital transactions. LankaPay’s Channa de Silva, Chief Executive Officer, and Dinuka Perera, Deputy Chief Executive Officer, claimed. 

One of the key payment modes, JustPay addresses the needs of both individuals and corporate entities by offering versatile solutions such as on-delivery payments and streamlined bill payments. 

The introduction of PayMe further enhances convenience by enabling a secure messaging platform for payment requests, benefiting both businesses and individuals. 

Additionally, initiatives like Government Payments, digital signatures and the National Card Scheme underscore LankaPay’s commitment to providing reliable, secure, and efficient payment solutions for all.

De Silva said : At the end of 2015, approximately eight years ago, LankaPay primarily focused on tasks like cheque clearance and managing the common ATM switch. 

These activities mainly dealt with cheque and cash transactions. Additionally, we were handling slips for bulk payments, as CEFTS or Realtime Payments had just started rolling out.

The premise was clear: to encourage people to transition from cash to digital transactions, the process had to be simpler than using cash and achieving this required behavioural change, which we pursued through innovative solutions aimed at enhancing convenience and user experience.

Most of our innovations and solutions have been developed to address various gaps in the market, aiming to streamline the entire ecosystem and ensure that people find digital transactions more convenient than cash, he said.. 

This involved linking all key participants in the ecosystem and prioritizing convenience for everyone involved.

One of the most significant tasks at hand is to enhance the convenience of payment networks for everyone, particularly in the corporate sector aiming to streamline the ease of doing business, especially for exporters and importers. 

The LankaPay faced several challenges, notably conducting transactions, particularly for large payments such as customs and tax payments, which were predominantly done using cash or pay orders requiring physical visits to banks.

In enhancing the ease of doing business and making transactions seamless,the company  explored various solutions, extending beyond tax payments to other financial transactions. 

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