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Sri Lanka takes first steps into a truly inclusive cashless payment eco-system with PAYable

Co-Founders of CBA Solutions – Yohan Wijesiriwardane,
COO and Sujith Subasinghe, CEO

 A revolutionary new
model in cashless mobile payments is set to create an SME led transformation in
the Sri Lankan economy with the launch of PAYable, a free Bluetooth card reader
and Mobile phone App. 

Developed by CBA
Solutions (Pvt) Ltd, PAYable is lead by two pioneering Sri Lankan technology
entrepreneurs who believe that breaking barriers for individual, micro and
small-medium enterprises will dramatically increase the earning power of this
sector while unleashing a new wave of economic activity into the Sri Lankan market.
“Inclusive growth is
the driving force behind PAYable. Imagine merchants of any size gaining the power
to accept card payments for their businesses but without the deterring costs
that they would typically face, this could be a real game changer for them,”
explained Sujith Subasinghe, Co-founder and Chief Executive Officer of CBA
Solutions.
A Sri Lankan tech
entrepreneur who started his first business while attending the University of
Victoria in British Columbia, Canada, Subasinghe developed experience building
IT-based solutions for a range of industries spanning the music, entertainment,
advertising and healthcare businesses before setting up a software development
team with fellow Sri Lankan, Yohan Wijesiriwardane, who now serves as CBA
Solutions’ Chief Operating Officer.
Subsequently
collaborating with Ceylon Business Appliances – a trusted supplier and service
provider of office appliances for over 45 years – the duo were keen to crack a
solution to the financial exclusion of SMEs.
PAYable is a user-friendly app that works with any Android or iOS smart phone or tablet device enabling mobile cashless transactions
PAYable is a user-friendly app that works with any Android
or iOS smart phone or tablet device enabling mobile cashless transactions
It is currently
estimated that over 50% of Sri Lankan GDP is generated by SMEs which account
for approximately 80% of all businesses in the country, and provide employment
for as much as 35% of the country’s total labour force. Particularly when
evaluated in combination with micro and individual enterprises, the fact that
such businesses are limited solely to cash transactions has been a
long-standing competitive disadvantage.
In that context, the
creation of a cost effective card acceptance solution that is capable of
removing all cost barriers for individual, micro, and small-medium enterprises
to enter the cashless payment space holds immense potential for merchants of
all sizes, and the Sri Lankan economy at large. In addition, it offers
convenience to customers, helping to move Sri Lanka closer to a cashless
economy.
The use of a Bluetooth card reader makes PAYable a more robust system
The use of a Bluetooth card reader makes
PAYable a more robust system
PAYable will be
distributed as a free mobile app paired with a free Bluetooth Card reader that
will enable vendors to accept VISA and MasterCard credit and debit card
payments. A highly reliable, durable and compact card reader, PAYable can be
paired with any smart phone or tablet to effectively convert a standard Android
or iOS device into a secure, flexible and easy to use mobile Point-of-Sales
(POS) solution.
Designed using best
in class security protocols, such as the PCI DSS Guidelines – a global security
standard developed by VISA, MasterCard, and other major card providers –
PAYable is built within a secure network that is regularly monitored and tested
in order to maintain the strictest standards of information security and
protection of cardholder data.
PAYable supports PIN authorisation on card transactions
PAYable supports PIN authorisation on card transactions
The solution has
already garnered significant interest among Sri Lanka’s banking sector with
several major Sri Lankan banks having already entered into discussions with
regard to the integration of PAYable as a value added service. 

PAYable hit the
market in February 2016 with devices being introduced to potential merchants, coupled
with a communications campaign to reach merchants as well as customers. More
information is available at www.payable.lk or via telephone on 0117776777.

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