CBA introduces cashless mobile payment system

A revolutionary new model in cashless mobile payments may create an SME-led transformation in the Sri Lankan economy with the launch of PAYable, a free Bluetooth card reader and mobile phone app.

Developed by CBA Solutions (Pvt) Ltd, PAYable is led by two pioneering Sri Lankan technology entrepreneurs who believe that breaking barriers for individual, micro and small-medium enterprises will increase the earning power of this sector while unleashing a new wave of economic activity.

Co-founder and Chief Executive Officer, CBA Solutions, Sujith Subasinghe said, "Inclusive growth is the driving force behind PAYable. Imagine merchants of any size having the power to accept card payments for their businesses but without the deterring costs that they would typically face, this could be a real game changer for them."

Subasinghe, a tech entrepreneur who started his first business while attending the University of Victoria in British Columbia, Canada, he developed experience building IT-based solutions for a range of industries spanning the music, entertainment, advertising and healthcare businesses before setting up a software development team with fellow Sri Lankan, Yohan Wijesiriwardane, who now serves as CBA Solutions' Chief Operating Officer.

Subsequently collaborating with Ceylon Business Appliances, a supplier and service provider of office appliances for over 45 years, the duo were keen to find a solution to the financial exclusion of SMEs.

The creation of a cost effective card acceptance solution that removes all cost barriers for individual, micro, and small-medium enterprises to enter the cashless payment space holds immense potential for merchants of all sizes.

PAYable will be distributed as a free mobile app paired with a free Bluetooth Card reader that will enable vendors to accept VISA and MasterCard credit and debit card payments. A compact card reader, PAYable can be paired with any smart phone or tablet to effectively convert a standard Android or iOS device into a secure, flexible and easy to use mobile Point-of-Sales (POS) solution.