ARTECULATE
No Result
View All Result
  • News
  • Premium
  • Features
    Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

    Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

    Almaden International

    Inside Almaden Towers: A New Horizon for Collaborative Innovation

    CodeGen | Culture | Innovation | Sri Lanka

    Transforming Holidays and Building Electric Sports Cars: Discovering the Dynamic Culture of CodeGen

    PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

    PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

    Gapstars | AI

    Embracing the Future: Highlights from Gapstars AI Day Exploring its Limitless Possibilities

    Creative Software | CSR | Together We Care

    Together We Care: A Better Sri Lanka through Impactful Engagement for Social Good by Creative Software

    Indonesia’s Baskit Is Empowering Traditional Distribution Businesses With Technology and Commercial Support

    Indonesia’s Baskit Is Empowering Traditional Distribution Businesses With Technology and Commercial Support

    Insights from Dr. Dhammika Elkaduwe: The First Sri Lankan Recipient of the ACM Software System Award

    Insights from Dr. Dhammika Elkaduwe: The First Sri Lankan Recipient of the ACM Software System Award

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

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

    PetParker helps Pets Spend More Time with Their Loving Owners

    PetParker helps Pets Spend More Time with Their Loving Owners

  • Startups
  • Events
  • Hotpicks
  • Community
    Unlock The Secrets of Startup Funding with Founders Institute Sri Lanka

    Unlock The Secrets of Startup Funding with Founders Institute Sri Lanka

    The RiskSense Story: Building a Cyber Security Product

    The RiskSense Story: Building a Cyber Security Product

    Negotiating to Thrive – Lessons from a Hostage Negotiator

    Negotiating to Thrive – Lessons from a Hostage Negotiator

    First wildlife travel-based management lessons book by Sarath Perera to be launched

    First wildlife travel-based management lessons book by Sarath Perera to be launched

    Hack:bit 2020 is bringing the ideas of students and undergraduates to life

    Hack:bit 2020 is bringing the ideas of students and undergraduates to life

    ESCaPe 2020: University of Peradeniya’s Engineering Students Conference

    ESCaPe 2020: University of Peradeniya’s Engineering Students Conference

    Trending Tags

    • Contributor
    • Billboard
    SUBSCRIBE
    • News
    • Premium
    • Features
      Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

      Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

      Almaden International

      Inside Almaden Towers: A New Horizon for Collaborative Innovation

      CodeGen | Culture | Innovation | Sri Lanka

      Transforming Holidays and Building Electric Sports Cars: Discovering the Dynamic Culture of CodeGen

      PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

      PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

      Gapstars | AI

      Embracing the Future: Highlights from Gapstars AI Day Exploring its Limitless Possibilities

      Creative Software | CSR | Together We Care

      Together We Care: A Better Sri Lanka through Impactful Engagement for Social Good by Creative Software

      Indonesia’s Baskit Is Empowering Traditional Distribution Businesses With Technology and Commercial Support

      Indonesia’s Baskit Is Empowering Traditional Distribution Businesses With Technology and Commercial Support

      Insights from Dr. Dhammika Elkaduwe: The First Sri Lankan Recipient of the ACM Software System Award

      Insights from Dr. Dhammika Elkaduwe: The First Sri Lankan Recipient of the ACM Software System Award

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

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

      PetParker helps Pets Spend More Time with Their Loving Owners

      PetParker helps Pets Spend More Time with Their Loving Owners

    • Startups
    • Events
    • Hotpicks
    • Community
      Unlock The Secrets of Startup Funding with Founders Institute Sri Lanka

      Unlock The Secrets of Startup Funding with Founders Institute Sri Lanka

      The RiskSense Story: Building a Cyber Security Product

      The RiskSense Story: Building a Cyber Security Product

      Negotiating to Thrive – Lessons from a Hostage Negotiator

      Negotiating to Thrive – Lessons from a Hostage Negotiator

      First wildlife travel-based management lessons book by Sarath Perera to be launched

      First wildlife travel-based management lessons book by Sarath Perera to be launched

      Hack:bit 2020 is bringing the ideas of students and undergraduates to life

      Hack:bit 2020 is bringing the ideas of students and undergraduates to life

      ESCaPe 2020: University of Peradeniya’s Engineering Students Conference

      ESCaPe 2020: University of Peradeniya’s Engineering Students Conference

      Trending Tags

      • Contributor
      • Billboard
      No Result
      View All Result
      ARTECULATE
      No Result
      View All Result

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

      Arteculate Arteculate
      June 23, 2023
      · 5 mins read
      Shaping the Future: How LankaPay Enables Customer-Driven Innovation in Sri Lanka’s Financial Sector
      Share on Facebook Share on LinkedinShare on Whatsapp

      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.

      You may also like

      Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

      Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

      September 20, 2023
      Almaden International

      Inside Almaden Towers: A New Horizon for Collaborative Innovation

      August 31, 2023
      CodeGen | Culture | Innovation | Sri Lanka

      Transforming Holidays and Building Electric Sports Cars: Discovering the Dynamic Culture of CodeGen

      August 7, 2023
      PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

      PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

      July 18, 2023

      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.

      Tags: lankapaySponsored
      ShareShareSend
      Previous Post

      PetParker helps Pets Spend More Time with Their Loving Owners

      Next Post

      Insights from Dr. Dhammika Elkaduwe: The First Sri Lankan Recipient of the ACM Software System Award

      Arteculate

      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!

      Recommended Stories

      Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence
      Features

      Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

      September 20, 2023
      Almaden International
      Features

      Inside Almaden Towers: A New Horizon for Collaborative Innovation

      August 31, 2023
      CodeGen | Culture | Innovation | Sri Lanka
      Features

      Transforming Holidays and Building Electric Sports Cars: Discovering the Dynamic Culture of CodeGen

      August 7, 2023
      PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions
      Features

      PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

      July 18, 2023
      Gapstars | AI
      Features

      Embracing the Future: Highlights from Gapstars AI Day Exploring its Limitless Possibilities

      July 7, 2023
      Creative Software | CSR | Together We Care
      Features

      Together We Care: A Better Sri Lanka through Impactful Engagement for Social Good by Creative Software

      July 5, 2023
      Leave Comment

      Recommended Stories

      Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

      Insights from APAN56: A Comprehensive Look at 5 Days of Collaborative Excellence

      September 20, 2023
      Almaden International

      Inside Almaden Towers: A New Horizon for Collaborative Innovation

      August 31, 2023
      LEARN Hosts APAN56 in Sri Lanka: Uniting the Asia-Pacific Community for Collaborative Innovation

      LEARN Hosts APAN56 in Sri Lanka: Uniting the Asia-Pacific Community for Collaborative Innovation

      August 14, 2023
      CodeGen | Culture | Innovation | Sri Lanka

      Transforming Holidays and Building Electric Sports Cars: Discovering the Dynamic Culture of CodeGen

      August 7, 2023
      PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

      PickMe Pass and Uber One: Exploring Sri Lanka’s Mobility Subscriptions

      July 18, 2023
      Gapstars | AI

      Embracing the Future: Highlights from Gapstars AI Day Exploring its Limitless Possibilities

      July 7, 2023

      Popular Stories

      • Coca Cola and Avocado: A Partnership Rewarding Food Experiences

        Coca Cola and Avocado: A Partnership Rewarding Food Experiences

        0 shares
        Share 0 Tweet 0
      • Rhoda: The all-electric Sri Lankan Roadster

        0 shares
        Share 0 Tweet 0
      • Spotify Expands Into Sri Lanka: Exploring What It Has To Offer

        0 shares
        Share 0 Tweet 0
      • Leveraging the Power of AI: How EBI is Building a Digitally Inclusive Sri Lanka

        0 shares
        Share 0 Tweet 0
      • The DirectPay Story: Building a Virtual Bank One Digital Brick at a Time

        0 shares
        Share 0 Tweet 0
      No Result
      View All Result
      • News
      • Premium
      • Features
      • Startups
      • Events
      • Hotpicks
      • Community
      • Contributor
      • Billboard

      © 2020 Arteculate™ All Rights Reserved.

      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?