PayMaster reinvents mobile reloads and payments processing with disruptive innovation

PayMaster Co-Founders and Directors Ransika De Silva and Lasitha Ranaweera

From left: Moderators Dinusha and Bernadine with PayMaster Director and Co-Founder Lasitha Ranaweera , Pay Master Director and Co-Founder Ransika De Silva , PayMaster Investor Mao Ching Foo , and MasterCard Sri Lanka and the Maldives Country Manager Santosh Kumar

The PayMaster Team with the investors from Singapore

PayMaster Solutions Ltd. – Sri Lanka unveiled its flagship development the PayMaster app at the official launch event held recently in Colombo. The app aims to revolutionise the way Sri Lankans transact when topping-up their mobile reloads and paying their bills. 

The PayMaster app is an essential instrument as the island moves towards a cashless society; as it will lessen the burden on the current financial system by making it more seamless and efficient. Moreover, the app which is available in English, Sinhala and Tamil Languages will empower everyday Sri Lankans, giving them the methods and means to transact in a way that saves time and money. 

Speaking about the launch, PayMaster Director and Co-Founder Ransika De Silva said: “After a lot of hard work by our team, we are thrilled to launch the app in Sri Lanka right on schedule. The app’s customer-focused design gives users more options, greater ease of use and complete security. The app’s high level of transparency safeguards users, as well as their information, ensures there are no hidden charges. It also provides an interface that is simple to use and is accessible to everyone.” 

Gamification within the app is a hit among users, where incentivisation through significant rewards will prompt users to spend a considerable amount of time with the app, beyond its transaction potential.    

PayMaster Solutions is a subsidiary of FirstPay Ltd. – Singapore. The organisation was quick to recognise the immense potential inherent in Sri Lanka’s burgeoning tech sector, as well as to identify the market potential for developing more powerful systems, which can deliver a richer, interactive, more dynamic and flexible user experience. 

With the island having embraced a high-tech outlook in recent times, the timing of PayMaster’s official announcement is strategically advantageous. The initiative will also help pave the way for a Fintech culture within the island, creating opportunities for future growth. 

PayMaster Director and Co-Founder Lasitha Ranaweeera, is optimistic about the app’s future and had this to say. “Today Sri Lanka has 27-plus million mobile connections, complemented by 1.5 million credit card users and 21 million debit card users, indicating a huge untapped reserve of potential. Additionally, the app has been designed to comply with the highest international standards, making it the most advanced digital payment gateway of its kind in the island. The app’s growing popularity is attributed to its ease of use, as users can make payments with just the click of a button.” 

The PayMaster Solutions team comprises of professionals with track records of success from both the tech and financial sectors. The team also has previous experience with high growth startups, which gives them a significant advantage. Based on their know-how and familiarity with the marketplace, as well as the technology, and their scalable go-to-market strategy, the team is confident of disrupting the digital payments market in Sri Lanka.

The organisation is currently in the process of raising the half a million dollar seed round for FirstPay in Singapore and have presently raised over 70% of the amount, with committed capital in place for the balance. With the app’s current popularity and a host of plans to increase awareness, PayMaster looks set to become the most popular method of payment in Sri Lanka.