Wed. Apr 17th, 2024

Shaping the Future: How LankaPay Enables Customer-Driven Innovation in Sri Lanka’s Financial Sector

By Arteculate Jun 23, 2023 #lankapay #Sponsored

In today’s rapidly evolving digital landscape, the financial sector plays a pivotal role in driving economic growth and facilitating seamless transactions. Sri Lanka, a nation with a flourishing financial industry, has witnessed a remarkable transformation in recent years thanks to the visionary initiatives undertaken by LankaPay. As an innovative payment network, LankaPay has been at the forefront of empowering the financial sector through technology, fostering collaboration, and embracing customer-driven innovation. By harnessing the power of cutting-edge solutions and strategic partnerships, LankaPay has created a thriving ecosystem that not only enhances the efficiency of financial transactions but also empowers individuals and businesses to explore new horizons.

LankaPay is the backbone of Sri Lanka’s digital payment system, connecting banks and other financial institutions to facilitate instant, reliable, and secure domestic payments. Its digital infrastructure has laid the foundation for enabling instant interbank fund transfers, QR payments, and all the modern conveniences fintech offers to better consumers’ lives. Additionally, JustPay by LankaPay allows users to make account-to-account merchant payments and transactions using a smartphone application securely and conveniently. 

From crediting salaries instantly to an employee’s account to making instant secure payments to government departments, LankaPay’s infrastructure has elevated the efficiency and productivity of the Sri Lankan industry. Users can instantly transfer funds any time of the day, any day of the year. The company’s initiatives have removed many barriers that previously inhibited the local fintech industry, enabling consumers to access a wide range of financial services without being limited to a single bank and unlocking opportunities to accelerate Sri Lanka’s transition into a cashless society. This transition has only accelerated in the current post-covid environment, with banks and other fintech providers developing innovative offerings that benefit consumers, businesses, and state operations

In 2022/23, LKR 1,078,063,617,800 worth of withdrawals from over 5,258 (ATMs/CRM/CDM) via the LankaPay common ATM network

While the transition to cashless is well-underway, ATMs still play a significant role in facilitating financial transactions. Between 2021 and 2022, Sri Lankans made cash withdrawals worth a staggering LKR 736,402,711,200 from over 5,800 ATMs connected to the LankaPay Network between the period of 2021 and 2022. This impressive figure highlights the continued importance of ATMs as a reliable and convenient means of accessing cash.  

Yet, this success wouldn’t have been possible without the collaboration of banks and non-banking financial institutions that prioritized customer convenience above all. Over the years, these institutions have made significant investments in ensuring ATMs are widely available, secure, and easy to use. As a result, Sri Lankans across the country can rely on ATMs as a trusted and convenient means of accessing their funds, even in the most remote areas. It is a testament to the power of technology built by LankaPay and the importance of customer-centric thinking by Sri Lankan banks in driving financial inclusion. 

In 2022/23, LKR 9,779,786,951,549 worth of interbank online fund transfers via the LankaPay network

The same period saw tremendous growth in the number of interbank online fund transfers by Sri Lankans across the country. The total value of these transactions reached LKR 8,750,717,586,635, highlighting the growing preference for online transfers. Increasingly, making quick, simple, secure interbank online fund transfers is essential to consumers. The fast-growing figure is a testament to the commitment of all Sri Lankan financial sector organizations, from banks to FinTechs alike, to make such transactions convenient and accessible. 

While larger institutions have invested heavily in utilizing LankaPay’s infrastructure to make online fund transfers accessible to consumers, FinTech companies have played a critical role in driving innovation and improving user experiences. The result is an increasingly customer-centric financial landscape focusing on convenience, accessibility, and security. As Sri Lanka continues to embrace the digital economy, the growth in online fund transfers is expected to continue. As such, the customer benefits will only increase over time – a positive future enabled by LankaPay.

In 2022/23 mobile payments worth LKR 76,235,639,083 via JustPay

Another figure indicating Sri Lankans are increasingly turning to smartphones for everyday transactions is they made payments worth LKR 43,758,541,294 using JustPay-enabled apps in the past year. As the country continues to move towards a digital economy, the growth in mobile payments is expected to continue, bringing greater convenience and accessibility to customers nationwide. The success of mobile payments in Sri Lanka is a testament to the power of the LankaPay network and the importance of customer-centric thinking by financial institutions. 

The ability to make transactions using a smartphone transforms how Sri Lankans interact with the financial system, making it easier and more accessible for everyone. The growth in mobile payments also contributes to financial inclusion, particularly for those who may not have access to traditional banking services. As the financial ecosystem continues to evolve and innovate, the benefits of mobile payments will only increase, creating a more efficient and accessible financial system for everyone in Sri Lanka.

Facilitating LKR 591,532,089,360 worth of government payments facilitated via the LankaPay network in 2022/23

Over one year, the LankPay network facilitated over LKR 240,784,304,612 worth of government payments digitally. It serves as a testament to the growing importance of digital payments in Sri Lanka. For corporations, the ability to make government payments online has brought unprecedented levels of convenience. The acceptance of digital payments by government departments reflects Sri Lanka’s broader push toward digital payments. 

By embracing digital payments, the country creates a more efficient, transparent, and accessible financial system that benefits everyone. It’s an impressive feat, made possible by the collective commitment of Sri Lanka’s financial institutions utilizing the LankaPay network to deliver unparalleled convenience. As Sri Lanka continues to move towards a cashless economy, the benefits of online government payments are expected to grow, bringing greater convenience to businesses across the island nation.  

LankaPay enables collaboration for a financially inclusive nation

Financial institutions such as banks and fintech companies have built on LankaPay’s foundation to deliver innovative solutions, elevating the country’s national payment network and driving financial inclusivity, enabling everyone to win together. Ultimately, LankaPay has emerged as a critical driver enabling the collaboration of many organizations in the Sri Lankan financial sector. Through its robust network built upon innovative technologies, LankaPay has enabled banks, non-banking financial institutions, and fintechs to work together. Thus, its greater convenience, accessibility to financial services, and security to customers across Sri Lanka. Whether it’s making cash withdrawals from ATMs, transferring funds between banks, paying government bills online, or making mobile payments, LankaPay has played a critical role in facilitating these transactions and bringing the benefits of the digital economy to everyone.

By Arteculate

Arteculate is your guide to the Asian tech industry. We give you unparalleled insights, accurate, local tech news, thoughtful features and sometimes scathing opinions on where things are headed. Stay tuned for the best of Asia!

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