With the pandemic keeping us indoors, many of us turned to eCommerce to obtain essentials. At the same time, many home businesses sprang up as people began discovering new skills to help earn additional income. Thus, as eCommerce grew, we also witnessed the birth of Conversational Commerce or cCommerce, where small businesses operated using social media.
These trends convinced businesses of the need for a simple means of accepting digital payments. Recognising this, WEBXPAY, a pioneer in the Sri Lankan fintech space, revamped its platform. The new update introduces a slew of features to make digital payments easier for customers and businesses alike.
How has WEBXPAY disrupted Fintech in Sri Lanka?
With WEBXPAY startups and large corporates can conduct transactions online conveniently and securely with the simple sharing of a link or QR code.
The company offers three payment products for its clients, which are XGateway, XWallet, XGateway enterprise and XInstallments. As of today, WEBXPAY brings together international payment gateways such as Visa, Mastercard, Diners and Discover, American Express, China Union Pay and numerous other local and international virtual wallets to a single portal. With 15 payment options supported, the platform offers the widest range of choice in the market.
Further, WEBXPAY is also a proud payment partner of several banks in Sri Lanka and is the country’s only fintech aggregator to offer EMI (Equated Monthly Installments) with 5 banks to its registered merchants. These 5 banks are Nations Trust Bank, DFCC, Sampath Bank, Commercial Bank, and HNB Through this EMI feature, businesses can build stronger customer relationships by giving them the option of paying via instalments in a hassle-free manner.
WEBXPAY 2021 – What’s new for the Platform?
In April 2021, WEBXPAY underwent its most significant platform upgrade since its inception. With the redefined payment experience, merchants are provided with a plethora of new features.
They can now retrieve a comprehensive view of all transactions through the new dashboard, together with the status of any ongoing transactions through automatically generated reports. Moreover, business owners also have access to a more accessible settlement tracker showing the status, total due, and timeline with customisable reports for pending settlements. The company has also introduced a discount gateway, where merchants can include convenience fees and discounts to the standard price. In other words, with a few clicks, merchants can now run promotions with banks or mobile wallets like on their websites.
The redesigned WEBXPAY portal also makes it easier for merchants and customers to differentiate transactions. Customers can now clearly identify the merchant’s name amongst their transactions when looking at their bank statements. Likewise, merchants can now identify payments by card provider on the dashboard.
WEBXPAY has also improved its customer base interface for its clients, making the grouping of customers simple. The platform can easily incorporate these customer groups to create tailored invoices to include any special terms and conditions. These invoices come with the added feature of not being limited to local currency. Additionally, businesses can directly share payment links and QR codes on social media with a novel “Pay Now” feature.
Collectively, the features of the new WEBXPAY dashboard enable businesses to offer an enhanced consumer experience. At the same time, it allows them to increase revenues, improve operational efficiencies, and simplify the processes for financial accountants.
What WEBXPAY merchants think of the upgraded platform
Sharing his thoughts on the new platform, CEO / Managing Director of CHORDS By Semi Circle, Dayan Kiriwaththuduwa, said, “WEBXPAY is the most user-friendly online payment gateway mechanism in Sri Lanka, not only in terms of its technical infrastructure but also in terms of banking support. I need to appreciate the team behind WEBXPAY for their friendly involvement and customer service. The most important thing is that they really promote their product by the total transaction value processed so far even though that is the no 01 in the market. As an entrepreneur, I recommend WEBXPAY to all small scale and large scale businesses to use it as its payment digitalization module.”
Executive Director of the Mahajana Group, Nazaaf Nazar, added, “WEBXPAY has been one of those futuristic startups. While retail in Sri Lanka follows Western trends, businesses are slow to adop them. WEBXPAY has been one of the few startups offering an essential service that’ll help businesses achieve the next strategic level in competing at a global scale. As a customer of WEBXPAY from day one, it’s no surprise that the company keeps innovating constantly. The new WEBXPAY platform has been constructed with the business owner in mind where data is available at a glance in a graphical interface and so much more.”
What’s next for WEBXPAY?
With the shift towards digital being a permanent change for businesses in Sri Lanka and around the world, the future of WEBXPAY looks positive.
As payments carried out through links and QR codes are becoming ever more popular, governing bodies such as the Central Bank of Sri Lanka has acknowledged the potential of virtual platforms and strengthened its regulatory framework. Hence, the company is nearing a stage of exponential growth.
Optimistically looking to the future, the Founder and CEO of WEBXPAY, Omar Sahib, expresses, “We hold a strong position to boost the SME sphere in Sri Lanka with our features and benefits. Currently, we’re moving ahead to claim WEBXPAY to be the benchmark for any payment platform in Sri Lanka. In this drive, our merchants can expect further value additions to the subscription they pay in the near future.”