Koko and LankaPay form strategic partnership

• Initiative to simplify digital lending, enable effortless instalment payments from customers’ preferred bank

Koko, Sri Lanka’s pioneering Buy Now, Pay Later (BNPL) provider, has entered into a strategic partnership with JustPay by LankaPay, the country’s leading payment gateway, to make digital lending more accessible for Sri Lankans. 

This collaboration will enable Koko customers to seamlessly pay their interest-free instalments through Koko directly from their bank accounts and reduce reliance on debit or credit cards, effectively providing a more reliable and secure payment option for Koko users.

As Sri Lanka’s foremost BNPL platform, Koko empowers consumers by allowing them to shop now and pay later in three easy, interest-free instalments over a period of 60 days. BNPL is reshaping the way Sri Lankan consumers access goods and services by offering greater financial flexibility, increased purchasing power, and a more accessible credit alternative without traditional banking barriers. Through its user-friendly app, Koko ensures that thousands of Sri Lankans can shop with ease while maintaining control over their spending.

Speaking on the significance of the partnership and its impact on consumer convenience, Koko Daraz BNPL Regional CEO Michael Sathasivam said: “As the market leader in BNPL, Koko is dedicated to enhancing the payment experience for Sri Lankans. Our partnership with JustPay offers customers greater security, convenience, and flexibility by allowing them to manage their installments from any bank of their choice, while reducing over-dependence on cards.”

JustPay, a revolutionary payment mechanism introduced by LankaPay, enables secure, real-time, direct bank-to-bank transactions with ease. LankaPay, Sri Lanka’s trusted national payment network, has been at the forefront of digital transformation, facilitating instant payments and seamless financial transactions for businesses and consumers alike.

Since its inception in 2023, the partnership with Koko has supplemented JustPay in driving the highest number of transactions on the JustPay web platform. This integration strengthens JustPay’s vision of enabling frictionless digital transactions, ensuring that customers can now settle their BNPL instalments straight from their bank accounts – without the need for card details. 

LankaPay CEO Channa de Silva said: “Through our partnership with Koko, one of the leading BNPL apps in the market, LankaPay is excited to empower a broader segment of the population by providing a seamless and secure online payment experience. We understand that BNPL addresses a significant market need, especially when the economy is just recovering from a severe financial crisis. This collaboration reinforces our commitment to driving financial inclusion and offering greater flexibility and convenience for digital payments across Sri Lanka.”

With convenience, security, and innovation at the heart of this partnership, Koko and JustPay by LankaPay are setting new benchmarks in Sri Lanka’s digital payment ecosystem. By eliminating card dependency, this collaboration streamlines instalment payments, making transactions faster, more accessible, and more secure. Additionally, this integration supports merchants and businesses by reducing banking costs, further enhancing operational efficiency while providing a seamless payment experience for customers in three simple steps.

This initiative reinforces both companies’ commitment to financial inclusivity and technological advancement, ensuring that Sri Lankans can embrace a truly digital and seamless payment experience.