Sri Lanka – Sri Lanka’s online payment gateway solution provider, WEBXPAY, has partnered with global payments company Visa to expand the scope of the country’s digital economy by enabling seamless, effortless, and sustainable digital payment acceptance solutions for SMBs across Sri Lanka.
The partnership provides WEBXPAY with a boost to faster achieve its goal of empowering SMBs island-wide with face-to-face digital payment acceptance capability, offering them access to Visa cardholders across the globe. This in turn will increase scalability for the small business sector and consequently aid its recovery.
As a new member of the Visa Acceptance Fast Track Programme for APAC, WEBXPAY hopes to widen its net of financial inclusion by enabling digital payment acceptance to 10,000 new-to-digital Sri Lankan SMBs by 2025, aiming for a Gross Merchant Volume (GMV) of Rs 10 billion by 2025 to elevate the country’s digital economy. This will help increase contactless payment acceptance through soft POS, enable tap-to-phone payments with soft POS technology and bring about low-cost face-to-face transaction acceptance. In a post-pandemic economy, this will also help merchants rebuild and increase sales to more consumers and improve customer loyalty; all while offering their shoppers a friction-free digital payment experience at checkout.
Avanthi Colombage, Visa’s country manager for Sri Lanka and the Maldives, shared that small businesses have always been keen to adopt technology to further their business and most times, only need enablers to accelerate this.
“Through the Visa Acceptance Fast Track Programme, we are excited to partner with WEBXPAY and play a role in helping thousands of small businesses across Sri Lanka go digital. With Visa’s solutions and best practices and WEBXPAY’s superior payment gateway solutions, small businesses can now accept contactless payments and enable tap-to-phone for merchants quicker and in a secure manner, in their path to recovery,” said Colombage.
Meanwhile, Omar Sahib, WEBXPAY’s founder, commented that they appreciate the support extended by Visa to help expand the fintech’s products and social goals in reaching out to the SMBs in Sri Lanka.
“Through this partnership, we are further extending our ability to offer fast, convenient, and frictionless payments processing in the hope that we contribute towards the greater expansion of the local digital payments ecosystem, and in turn play a transformative role in the growth of the digital economy of Sri Lanka,” said Sahib.