Sri Lanka’s leading online payment gateway solution provider, WEBXPAY, has announced a landmark partnership with the country’s leading private sector bank, HNB, to introduce affordable point-of-sale solutions enabling digital payment acceptance. for small and medium-sized enterprises (SMEs), a company press release said Friday. . As part of the ongoing Visa Acceptance Fast Track program that WEBXPAY recently entered, the partnership will allow WEBXPAY to increase circulation of point-of-sale (POS) terminals to SMBs. Currently, an estimated 96,000 POS terminals are in circulation, he said.
He explained that through its continuous efforts, WEBXPAY aims to rapidly increase the circulation of POS devices in the next 5 years, with soft POS terminals such as Tap to Phone and other POS machines. Android sales platforms that are expected to play a pivotal role in expanding cashless payment acceptance to SMBs.
“WEBXPAY is proud to partner with a true pioneer in technology-based banking – HNB – to rapidly expand access to the latest generation of contactless payments to support the growth and development of Sri Lankan SMEs. Based on global experiences, we’ve found that contactless payments can increase their transactions up to 4x and encourage 2x higher spend.It can help them attract and retain new business at a crucial time for the SME sector,” said Omar Sahib, Founder and CEO of WEBXPAY.
In addition to low-cost point-of-sale machines, new solutions such as Tap to Phone payments are set to be a game-changer for SMBs, allowing vendors to almost instantly convert any smartphone into a payment acceptance device. .
“Sri Lanka’s SME sector is the backbone of our country’s economy, accounting for the vast majority of jobs in Sri Lanka, yet they often lack the resources, tools and expertise to thrive. engage in digital payment solutions. HNB, WEBXPAY and Visa are all united by a deep commitment to leveraging the power of technology and partnerships to radically improve the competitiveness of SMBs, and we look forward to working closely together to deploy contactless payments and a new solution like Tap to Phone (Soft POS), to SMBs across the island in the coming months,” said Gauthami Niranjan, Head of Cards, HNB PLC.
Visa has a long-standing commitment to fueling the digitalization of small businesses in Sri Lanka. As part of the Acceptance Fast Track program, we are delighted to enable this partnership between WEBXPAY and HNB and further strengthen the SME sector with digital payments. Through our Cybersource platform, we will help enable card-present acceptance and provide merchants with the convenience of touch-to-phone,” said Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa.WEBXPAY and the Visa’s partnership with HNB represents the latest advancement in the Visa Acceptance Fast Track program, which aims to enable small businesses to begin accepting digital payments in seconds, using new Visa solutions, onboarding processes and participants in the program.