PayMaster Solutions (Pvt) Ltd. – Sri Lanka, unveiled its flagship development, the PayMaster app at the official launch event held recently in Colombo. The app aims to revolutionize the way Sri Lankans transact when topping-up their mobile reloads and paying their bills.
The PayMaster app is an essential instrument as the island moves towards a cashless society; as it will lessen the burden on the current financial system by making it more seamless and efficient. Moreover, the app which is available in English, Sinhala and Tamil Languages will empower everyday Sri Lankans, giving them the methods and means to transact in a way that saves time and money.
Speaking about the launch, Director and Co-Founder of PayMaster, Ransika De Silva said, “After a lot of hard work by our team, we are thrilled to launch the app in Sri Lanka right on schedule. The app’s customer-focused design gives users more options, greater ease of use and complete security. The app’s high level of transparency safeguards users, as well as their information, and ensures there are no hidden charges. It also provides an interface that is simple to use and is accessible to everyone.”
Gamification within the app is a hit among users, where Incentivization through significant rewards will prompt users to spend a considerable amount of time with the app, beyond its transaction potential.
PayMaster Solutions (Pvt) Ltd. is a subsidiary of FirstPay Pte Ltd – Singapore. The organization was quick to recognize the immense potential inherent in Sri Lanka’s burgeoning tech sector. As well as to identify the market potential for developing more powerful systems, which can deliver a richer, interactive, more dynamic and flexible user experience. With the island having embraced a high-tech outlook in recent times, the timing of PayMaster’s official announcement is strategically advantageous. The initiative will also help pave the way for a FinTech culture within the island, creating opportunities for future growth.
Director and Co-Founder of PayMaster, Lasitha Ranaweeera, is optimistic about the app’s future and had this to say. “Today Sri Lanka has 27+ million mobile connections, complemented by 1.5 million credit card users and 21 million debit card users, indicating a huge untapped reserve of potential. Additionally, the app has been designed to comply with the highest international standards, making it the most advanced digital payment gateway of its kind in the island. The app’s growing popularity is attributed to its ease of use, as users can make payments with just the click of a button.”
The PayMaster solutions team comprises of professionals with track records of success from both the tech and financial sectors. The team also has previous experience with high growth startups, which gives them a significant advantage. Based on their know-how and familiarity with the marketplace, as well as the technology, and their scalable go-to-market strategy, the team is confident of disrupting the digital payments market in Sri Lanka.
The organization is currently in the process of raising the half a million USD seed round for FirstPay in Singapore and have presently raised over 70% of the amount, with committed capital in place for the balance. With the app’s current popularity and a host of plans to increase awareness, PayMaster looks set to become the most popular method of payment in Sri Lanka.