iPay Sri Lanka surpasses Rs. 300 b in transactions

From left:  iPay Assistant General Manager Nimesh Fernando, LOLC Finance Head – Consumer and Digital Banking Hasala Thilakaratne, LOLC Finance Head – Channels Prasanna Karandagolla, LOLC Finance Chairman and iPay Founder Conrad Dias, LOLC Finance Director/CEO Krishan Thilakarathne, LOLC Finance COO Montini Warnakula and LOLC Technologies Chief Technology Officer Thisan Samarasinghe 

iPay, Sri Lanka’s foremost mobile payment platform, has achieved an impressive milestone by processing transactions exceeding Rs. 300 billion. 

This achievement comes just six months after the platform surpassed the Rs. 200 billion mark. This remarkable accomplishment highlights the rapid growth, increasing consumer trust, and nationwide acceptance of the game-changing digital lifestyle app.

iPay has been a pioneer in Sri Lanka’s digital payment revolution since its inception, delivering a seamless and secure payment experience to its users. The award-winning app offers a wide range of services, including instant bank transfers, real-time utility bill payments, e-channeling services, mobile reloads, digital savings accounts, and digital fixed deposits. With a growing merchant base of over 45,000, iPay has made financial transactions more accessible, and convenient for every user reflecting the increasing reliance on digital payments in a rapidly evolving economic landscape.

The platform’s user-friendly interface, available in Sinhala, Tamil, and English, ensures inclusivity and ease of use for a diverse audience. Features like hassle-free registration via a simple selfie, three-step bill payments, and secure fund transfers demonstrate iPay’s commitment to simplicity and efficiency. Advanced security measures are implemented to protect every transaction, giving users confidence and peace of mind. Furthermore, iPay continuously upgrades its offerings, with updated features being released regularly to maximise user experience. iPay’s unwavering commitment to enhancing utility and adding value has made it an essential tool for meeting users’ daily financial needs.

iPay’s steadfast focus on innovation has made it the recipient for numerous awards, including the Gold Award for Best Mobile Application for Retail Payments via Just Pay, and the Gold Award for Most Popular Digital Product (Internet and Mobile Banking) at Technovation 2024. These accolades and recognitions benchmark iPay as a role model for excellence, and a pivotal driver in Sri Lanka’s journey towards a digital future. The platform’s achievements underscore its strategic vision, foresight, and execution, demonstrating how digital platforms can evolve with the times and adapt to emerging trends and technologies. This evolution ensures the delivery of advanced services to both current and future generations, particularly those who are digital natives.

Commenting on this milestone, iPay AGM Nimesh Fernando said, “Our journey has been one of innovation and perseverance. Reaching this milestone not only affirms our platform’s reliability but also highlights the growing confidence in digital payments among Sri Lankans. I extend my heartfelt gratitude to our customers and partners for their unwavering trust in iPay. We remain committed to enhancing the user experience and adding value through new features, ensuring that iPay continues to be an integral part of our users’ daily lives.”

Adding to this, LOLC Finance Head of Consumer Banking and Digital Hasala Thilakaratne emphasised the broader impact of iPay’s achievements: “This milestone is not just a reflection of our success, but a testament to the shift towards a digital economy in Sri Lanka. We are proud to be at the forefront of this transformation, and we will continue to innovate and lead the way in making financial services more accessible, secure, and convenient for everyone.”

iPay, the lifestyle app of LOLC Finance has set new benchmarks through the introduction of innovative solutions and the expansion of its merchant network for digital payments in Sri Lanka. With a mission to revolutionise the FinTech landscape in Sri Lanka, iPay demonstrates a commitment to driving forward the future of financial technology in the country.