June 23, Colombo: Cashless solution provider for the MSME sector, PAYable, emerged the most awarded company at the inaugural SLASSCOM Innovation Summit 2018 held on 14th June. Three nominations and two Gold awards set the startup apart as the only participant with multiple nominations and multiple wins.
PAYable topped the 'Best Startup Product/Service' and 'Best Client Delivery Innovation' categories, and was named first runner-up in the 'Best Disruptor' category.
Speaking on the wins, CEO/Co-Founder of PAYable Yohan Wijesiriwardane said, "We are delighted to have been included in the SLASSCOM Innovation Summit 2018, and to be recognized for the positive impact we have had on the MSME sector. We were also excited to have had the opportunity to learn more about the Island of Ingenuity (IOI) and how we can contribute towards it as a business. We would like to thank SLASSCOM for organizing such an informative and interesting event."
The awards segment of the summit drew in over ninety submissions from top-tier Sri Lankan and MNC applicants across seven award categories, and the selection criteria covered a wide range of factors, judged by a discerning panel of local and international judges at the forefront of technological change and innovation.
Ever since its commercial launch in 2016, PAYable has revolutionized the footprint of cashless transactions in Sri Lanka. Partnering with some of Sri Lanka's top banks, the PAYable platform offers merchants the ability to accept cashless transactions at absolutely no cost. The solution has to date empowered over 12,000 merchants across Sri Lanka and has facilitated over Rs. 2 billion worth of cashless transactions to date.
Developed by CBA Solutions (Pvt) Ltd, PAYable is a free mobile application launched with the intention of empowering individual, micro, and small-medium enterprises through financial inclusion. This application when paired with a free Bluetooth card reader, enables merchants to accept credit and debit card payments from their customers, effectively converting any smart phone or tablet into a mobile, easy-to-use POS terminal.
Built on the visionary leadership of PAYable's late Co-Founder and CEO Sujith Subasinghe, together with fellow Co-Founder and current CEO, Yohan Wijesiriwardane, the platform is now gaining traction across Sri Lanka in the form of popularity and financial success.
Across sectors, over 80% of businesses in Sri Lanka are SME's, and with this resourceful new technology, the company has now proven itself indispensable in supporting this vital segment of Sri Lanka's business community, and as a result the economy of Sri Lanka as a whole.
Nearly two years since inception, PAYable has since partnered with three of Sri Lanka's largest private sector commercial banks and hopes to expand its network of merchants to 20,000 by the end of this year. In addition -and now with these most recent accolades under its belt- the business has plans to add on to its product offering as well diversify existing services to further improve on the customer-merchant experience.