LankaPay records massive growth

Sri Lanka's largest common ATM network - LankaPay, recorded a mammoth three-fold growth in ATM transaction volumes and four-fold growth in value within the first 15 days of the April Avurudu season.

The national payment network operator recorded over one million ATM transactions through the LankaPay switch to the value of over Rs. 5 billion during the first 15 days of April. With Bank of Ceylon, People's Bank, Seylan Bank, Hatton National Bank, Commercial Bank, NDB, NTB, Standard Chartered Bank, Union Bank and Cargills Bank connected on the LankaPay network, customers of all 10 member banks now enjoy ultimate convenience of withdrawing cash and checking account balances at over 2,500 ATMs spread all over the country, without having to stand in queues or wasting time and money going in search of their own bank's ATM.

The LankaPay network is operated by LankaClear.

GM and CEO, LankaClear, Sunimal Weerasooriya said,

"Every ATM transaction recorded on the LankaPay network is a statement from the consumer that he or she has changed a lifelong habit of only using their own bank ATM to true affordable convenience."

"We are certain that most of the seasonal shoppers would have enjoyed the convenience of our service, saving time and money during the busy festive season accessing their bank accounts at the nearest LankaPay member bank ATM," he said.

"The transaction volumes through the network has been growing in leaps and bounds recording a mammoth average month-on-month growth rate since its launch in July 2013 and the month-on-month growth rate during the six months ended March 31, 2015 was 7.8%," Weerasooriya said.

"With about 18 months into operations LankaPay has won the hearts and confidence of the Sri Lankan consumer and the banking community and this, is the most vital factor that will help us in successfully delivering our objectives as the national payment network operator in the country," he said.