Payable, the premier payments aggregator in Sri Lanka, has unveiled Payments.lk, a novel payment gateway aimed at streamlining the acceptance of digital payments for businesses of all sizes across the nation.
Historically, Sri Lankan businesses have navigated the challenges posed by traditional payment gateways, which often involve setup fees, ongoing monthly charges, complex pricing structures, and preferential rates reserved for larger enterprises. In contrast, Payments.lk offers a more accessible model, eliminating setup fees, monthly charges, minimum commitments, and fixed per-transaction fees. Local card transaction rates begin at 2.29%, while payments via LankaQR and LankaPay commence at 0.99%. Payments.lk is also committed to providing the most competitive standard rates in the industry, effectively removing the continuous costs typically associated with payment gateways.
This platform is not exclusively for large corporations; it is tailored for a wider audience, including startups, small and medium-sized enterprises (SMEs), online vendors, freelancers, entrepreneurs, and licensed professionals. Eligible individuals such as doctors, lawyers, and accountants can also register using their professional credentials.
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Yohan Wijesiriwardane, CEO and Co-Founder of Payable, expressed, “We believe that access to a payment gateway should be universal. Whether you are making your first online transaction or handling millions of rupees monthly, the infrastructure for payments must be straightforward, transparent, and affordable. Payments.lk is designed in direct opposition to what we term ‘legacy gateways’—platforms built on outdated commercial models where merchants incur costs merely to maintain access to payment services. Our approach is different: if you do not generate sales, your gateway should not incur costs. There are no monthly subscriptions or fees for merely keeping the service active. Payments.lk only earns when its merchants do.”
Though Payments.lk is a new offering, it leverages an existing infrastructure that has proven its reliability, serving over 40,000 merchants in Sri Lanka and processing more than LKR 145 billion in card transactions thus far. This allows Payments.lk to blend the benefits of a modern technology platform with established payment infrastructure, banking integrations, and operational support for merchants. The company envisions Payments.lk not just as another payment gateway but as a comprehensive system of modern payment solutions that can seamlessly integrate with QR codes, point-of-sale systems, invoicing, ERP, payroll, lending, and working capital.
Founded in 2016, Payable is dedicated to facilitating digital payment acceptance through innovative and scalable solutions. Earlier this year, the company was acquired by Short Circuit, a regional technology leader, for LKR 2.6 billion, a strategic move that aims to enhance Payable’s digital payment capabilities and expand its merchant network within Sri Lanka. Payable collaborates closely with local banks, global card networks, and technology partners to deliver cutting-edge payment solutions that simplify digital transactions for both merchants and consumers. Through ongoing growth and a focus on merchant-driven payment innovations, Payable has established itself as a significant player in Sri Lanka’s evolving fintech landscape, contributing to the country’s shift toward increased digital payment usage.
