SLT-Mobitel’s mCash celebrates 11 years of revolutionising digital payments in Sri Lanka

SLT-Mobitel’s pioneering mobile money platform, mCash, celebrates 11 years of empowering Sri Lankans with cutting-edge digital payment solutions. 

Since its inception in 2013, mCash has redefined the financial landscape in Sri Lanka, supporting financial inclusion and driving the nation toward a cashless future.  

With a dominant market share in mobile money circulation, mCash is recognised as a leader in Sri Lanka’s competitive fintech industry, which includes over 25 mobile payment apps, 20+ banking institutions and two licensed mobile money facilitators. Furthermore, over the past decade, mCash has built a robust ecosystem with 100+ bill payment partners and 20,000+ merchant partnerships, enabling seamless financial transactions across the island.  

Reflecting on over a decade of success, mCash reaffirms its commitment to advancing digital inclusivity and innovation in Sri Lanka. Through continuous evolution and customer-centric solutions, mCash is poised to lead the nation toward a fully digitalised financial ecosystem, empowering millions of Sri Lankans in their journey towards financial independence.  

From digital loans to co-branded credit cards and insurance products, mCash’s offerings cater to the evolving needs of individual consumers and businesses, renowned as a trusted fintech partner. mCash’s product portfolio continues to deliver unparalleled convenience to consumers and businesses through a comprehensive range of innovative financial services. At the core of the mobile money wallets, consumers also enjoy seamless utility bill payments, mobile reloads, peer-to-peer money transfers and LankaQR payments through a secure and user-friendly mobile application.

The platform’s collection management and biller sharing capabilities are over 40,000 touchpoints nationwide. The extensive network enables smooth payment collections for a diverse range of sectors, including utility providers, telecommunication services, insurance companies, leasing firms, government institutions and charitable organisations.

As a licensed LankaQR service provider, mCash is transforming payment landscapes, empowering merchants of all scales, from small and medium enterprises to large supermarket chains. mCash’s QR-based payment solutions supports online and in-store transactions, providing flexibility and convenience for businesses and consumers.
Importantly, mCash’s agency banking model extends financial inclusion to remote areas. Through mCash-authorised touchpoints, customers can access essential banking services such as deposits, withdrawals, credit card repayments and loan settlements, bridging the vital financial accessibility gaps.

Furthermore, mCash has strategically partnered with global money transfer operators to simplify international remittance services. Leveraging the platform’s mobile money infrastructure, mCash can offer low-cost inward remittance solutions that benefit senders and recipients, facilitating smoother cross-border financial transactions.
mCash’s relentless pursuit of digital innovation has consistently earned numerous accolades over the years. Notably are the recent Outstanding Innovations in Digital Payments and Collections in Sri Lanka by Asian FinTech Academy Awards 2023, recognition as the 3rd Most Loved Brand for Financial Transactions by Brand Finance and LMD in 2023 and Gold Winner for Online Brand of the Year at SLIM Brand Excellence 2019.  

Since inception, mCash has demonstrated impressive growth and market penetration, with a turnover exceeding Rs.1 trillion and a transaction volume surpassing 200 million to date. The company has built a robust ecosystem through strategic collaborations, establishing over 100 business partnerships and a notable network of more than 20,000 merchant partnerships.