PAYable completes Rs. 80 bn worth transactions

• Announces appointment of Rajendra Theagarajah as Chairman 

PAYable Pvt Ltd, Sri Lanka’s leading non-bank digital payment services provider, reported robust performance in its 10-year journey with over Rs. 80 billion in transactions processed. The company also plans to launch a host of new innovations, showcasing consistent growth and reliability.
In a move that signifies a major leap forward for PAYable, the company also announced the appointment of Mr. Rajendra Theagarajah as the new Board Chairman. A distinguished veteran in the banking and financial services sector, Theagarajah has been associated with PAYable since its inception, serving as an advisor. His elevated role as Chairman underscores his integral position in shaping the company’s strategic direction and future expansion.

Theagarajah, renowned for his leadership in financial services, has been at the forefront of promoting  the growth of digital payment acceptance in Sri Lanka. The newly appointed Chairman has also held prestigious positions as Chairman of the Ceylon Chamber of Commerce, the Asian Bankers Association, the Association of Professional Bankers, and the Sri Lanka Banks Association, having served at international banking powerhouses such as Chase Manhattan Bank (now J P Morgan Chase) and Credit Agricole Indosuez and three vibrant local banking institutions. His extensive industry knowledge and leadership skills are poised to contribute significantly to PAYable’s ongoing success.
Commenting on his appointment Theagarajah said, “Sri Lanka has demonstrated resilience - having come out of the Covid pandemic and economic downturn over the past few years, with  a combination of surge in inbound tourism, inward remittances and an improved trade balance. PAYable is well positioned to play a key role in improving financial inclusion in the country by providing non-cash-based payment solutions, both in the device and non-device segments. As a company free of bank debt, PAYable is well poised to face exciting times ahead”.
Speaking on the company’s success in 2023 and his plans for 2024, Yohan Wijesiriwardane, PAYable’s CEO / Co-founder said, “2023 has proven to be the culmination of a strategic growth plan that has finally seen fruition. Not only have we been able to grow our business and stay true to our ethos of empowerment and inclusivity, we have also been able to launch groundbreaking solutions that have revolutionized the digital payments industry in Sri Lanka. 

As a platform, PAYable has continued to serve each client with the highest standard of service, all while nurturing and growing our partner network. We are also proud to announce the appointment of Theagarajah as Chairman of the Board – and will be leveraging his leadership, unparalleled experience, and insight to help take PAYable to new heights”.
PAYable’s strong partnerships with leading financial institutions and electronic card networks have been instrumental in solidifying its position as an industry leader. Such Collaborations have not only strengthened the company’s presence, but also facilitated its continuous growth in the competitive digital payments landscape.