SLT-Mobitel mCash marks 10 years in digital payment revolution

SLT-Mobitel’s pioneering mobile financial services platform, mCash, is celebrating 10 years of initiating breakthrough innovations and having transformed Sri Lanka into a leader within South Asia’s rapidly evolving fintech space.

Since its inception in 2013 as the national mobile money service provider, mCash has played a vital role in revolutionising the digital payment landscape in Sri Lanka, contributing to the nation’s progress toward a cashless future. 

mCash has been at the forefront of the fintech and digital payments industry, continuously evolving and introducing cutting-edge solutions. With a diverse product portfolio that includes mobile money customer wallets, bill payments and collection management solutions, payment gateway services, LankaQR payment solutions, agency banking, inward remittance, and value-added financial services, mCash has established itself as a dominant force in the digital payment market.

mCash’s journey of exponential growth now commands the market, with an estimated 58% share of mobile money circulation in the country. Additionally, mCash boasts over 100 bill payment partners and channel network partners, having created a robust ecosystem for digital transactions.

Today, mCash has become an inseparable part of daily life for Sri Lankans, registering over 5 million customers and processing up to 1 million transactions a month through its over 30,000 agent network and touch points across the island, including retail, supermarket locations, kiosks, and digital partners. mCash was notably at the forefront of Sri Lanka’s cashless economy, driving the QR payment initiative, which was especially vital for smaller retailers nationwide. 

As a licenced provider for the national LankaQR payment scheme across its channels, mCash continues to lead mainstream QR adoption, with over 50,000 QR transactions processed monthly. Today, merchants both big and small benefit from cashless solutions using technologies such as QR payments.

Importantly, mCash has banked the unbanked, ensuring this vital segment has access to financial services for the first time. The platform acts as an intermediary between banks and all their customers, irrespective of the mobile connection network, offering basic banking services. Furthermore, mCash has partnered with globally reputed money transfer operators to facilitate low-cost inward remittances to Sri Lanka, benefiting both the recipients and senders.

Expanding customer convenience, mCash, in partnership with its banking partners, provides customised internet payment gateway solutions and Point-Of-Sale payment solutions (POS) to merchants, facilitating payment acceptance from global card networks including Visa and MasterCard. Over the years, mCash’s commitment to excellence has been acknowledged through various awards, including the ‘Outstanding Innovations in Digital Payments and Collections in Sri Lanka’ by the Asian Fintech Academy Awards 2023 and being listed as the 3rd most loved brand for financial transactions in 2023 by Brand Finance and LMD, in addition to the LankaPay-Technovation Awards and the SLIM Brand Excellence Awards.

As mCash looks back on a decade of achievements, the platform remains dedicated to fostering digital inclusivity. Having established new benchmarks in technology, trust, reliability, and customer experience, mCash stands poised to unlock the next level of digital payment innovation, leading the way toward a more connected, smarter, and cashless Sri Lanka inviting the business and start-up community to partner with mCash for a one-stop solution that is ready to embrace the future of global digital payment dynamics

In celebration of its 10th anniversary, mCash said it is offering exclusive promotions to its customers. These include discounts on purchases, gift hampers, vouchers from partner merchants, and free mobile data giveaways.