LOLC’s iPay to expand to Myanmar, Pakistan and Indonesia

• Move follows iPay’s success in Sri Lanka and Cambodia
• LOLC eyes becoming a predominantly ‘phygital’ financial services provider

By Nishel Fernando
LOLC Holdings PLC plans to launch its digital payment mobile app iPay in Myanmar, Pakistan and Indonesia, following its success in Sri Lanka and Cambodia, as it aims to become a predominantly ‘phygital’ financial services provider by bridging the divide between the physical and digital worlds.

“iPay was also launched in Cambodia this year, with implementation plans in place for launch in Myanmar, Pakistan and Indonesia. The digital payment platform has helped LOLC in customer acquisition and to gain transaction volumes,” LOLC Holdings PLC Deputy Chairman Ishara Nanayakkara told the shareholders in the company’s latest annual report.

The group has established microfinance entities in Myanmar, Pakistan and Indonesia.

During the 2019/20 financial year, the transaction volumes on the iPay platform grew by a record 681 percent year-on-year (YoY), with a 303 percent YoY growth in registered merchant and a 241 percent YoY growth in 
user registrations.

 The platform witnessed an uptick in user and merchant registrations during the lockdown period, as it emerged as a reliable online payment partner. “Almost 80 percent of iPay customers are non-LOLC customers. iPay became the No. 1 most downloaded app on LankaPay’s platform,” Nanayakkara said.

Meanwhile, LOLC Holdings has witnessed a swift adoption of the payment app in Cambodia since its launch in 2018. Several new features to the app are on the cards to further enhance consumer convenience.

“Plans are being drawn up to infuse more features into iPay that enable customers to click a button to fulfil their insurance premiums and even for three-wheeler customer base of the microfinance business unit, to pay their dues and avail of mobile reload, etc.,” Nanayakkara said.

He stressed that LOLC aims to become a predominantly ‘phygital’ financial services provider, with continuous investments into technology and technology-enabled services.

I Pay (Private) Limited currently operates under LOLC Technologies, a fully-owned subsidiary of LOLC Holdings, headed by Conrad Dias.