Empowerer, disruptor, innovator

PAYable is Sri Lanka’s largest non-bank fintech platform, which delivers a wide range of digital payment solutions that are secure, sustainable, scalable and successful.

Established in 2016 to revolutionise digital payment acceptance in Sri Lanka, the company has fundamentally transformed the country’s cashless payment system and contributed to the massive evolution of digital payments infrastructure in the island.

With over 40,000 merchants around the country now being able to accept digital payments on the PAYable platform, the company is essentially the largest supplier of digital payment services in Sri Lanka.

Offering solutions for multiple business models, PAYable covers the card present transaction space with its terminals and the recently launched PAYable TAP solution, as well as online payment processes with PAYable IPG and Payable LinkPay – the company’s digital invoicing and payment solution.

By significantly reducing adoption costs, PAYable has been able to successfully encourage merchants, who had previously been excluded from accepting cashless payments, to adopt and champion this revolution. PAYable is PCI-compliant and provides end-to-end security, so customer card details are safe at all times.

PAYable doubled the number of payment points in the country’s digital payment space during the first three years of operation, making it the forerunner in this process. It has experience in the full range of payment services that are needed to establish and maintain productive relationships with banks and retailers.

The company’s highly seasoned leadership team leads a full stack internal development team, which provides partners with an end-to-end service that complies with global standards. With a skilled staff in charge of investments, strategies and management, the organisation is well-positioned to streamline its operations and strengthen its connections with stakeholders.

With PAYable’s large suite of products, businesses are able to pick and choose the solutions they require in order to maximise their potential. It also offers an easy digital onboarding procedure, letting enterprises choose the services that best suit their business model, and register for them online.

The latest product offered by PAYable is Sri Lanka’s first tap on phone payment solution – PAYable TAP. This process turns any NFC enabled Android smart terminal into a payment acceptance point and allows businesses to accept payments without any investment in dedicated hardware.

Developed in partnership with Mastercard and Worldline, the solution is ideal for small and medium-size businesses, seasonal businesses, and even large fleets used for transport and delivery. The ability to install the app on an Android phone and begin accepting transactions via a simple flow makes it usable by anyone. This takes payment acceptance to the masses and furthers the core goal of digital payment empowerment, which has continued to drive PAYable since its inception.

The company’s SoftPOS solution is the first of its kind in Sri Lanka and is among the simplest to use, thanks to its reliance on cutting-edge, secure digital payment technology. Security of transactions conducted via a smartphone is guaranteed to be on par with that of more conventional POS terminals. It was certified and launched with Commercial Bank.

Merchants simply have to sign up for the service via the PAYable website, download the app onto their NFC enabled Android smartphones and they are ready to accept payments. This easy to use solution guides the merchant through the process and requires a simple tap of an NFC enabled card on the phone in order to successfully complete a transaction.

PAYable also offers a wide range of online payment acceptance tools such as PAYable IPG, which turns any website into a payment accepting e-commerce site. PAYable LinkPay allows businesses to generate a digital invoice with a customised payment link that can be sent to customers anywhere in the world.

Both these tools have seen vast success for online businesses that operate via social media, and those that have recurring payments and subscription-based solutions.

Extensive experience in the testing and compliance space, as well as in configuring products and services to meet the unique requirements of individual merchants, positions PAYable to move swiftly towards the delivery of methodical, flawless and ready to use solutions.

PAYable has won multiple accolades since its inception – the most recent of which was National Runner-up in the Best Disruptive Product Innovation category at the SLASSCOM National Ingenuity Awards 2022 for PAYable TAP. The company is now focussing on expanding its product offerings in order to ensure that Sri Lankan businesses have scalable, cost-effective options that change the way enterprises in Sri Lanka view digital payments.

Having developed solutions that have enjoyed vast success in Sri Lanka, PAYable is looking to expand in the Southeast Asian region and beyond, and take homegrown solutions to the international stage.

– Compiled by Fazmina Imamudeen



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