Sampath Bank revolutionizes payments landscape with ‘PayApp’

Continuing to bring innovative banking solutions to the Sri Lankan market for over 30 years, Sampath Bank announced the launch of a revolutionary digital payment platform, the Sampath PayApp, recently.
This path breaking mobile based application enables Sampath Bank account holders to send and receive money directly from and to their bank accounts, in real-time, right on their mobile devices. Given its superior convenience, a growing number of the country’s leading merchants are signing up for SampathPayApp already.
“At Sampath Bank, we have always leveraged emerging technologies to add value to our customers’ lives. In line with this, we’d like to now dedicate the Sampath PayApp with a host of unique features to businesses and consumers around the island. We have designed this platform with a singular focus on providing users with the most convenient electronic payment medium without compromising on security. And we look forward to seeing it transform the way we Sri Lankans conduct our day to day transactions,” said Ajith Salgado, Chief Information Officer, Sampath Bank.
Consumers can begin using the product by simply downloading the app from the Apple App Store or the Google Play Store and activating it with their mobile banking PIN. They will not require credit or debit cards and can use their existing Sampath Bank accounts to make payments. Doing away with the inconveniences related to handling cash, PayApp allows them to make payments either by scanning the QR code at the point of billing or via encrypted sound. Its remote payment capabilities enable them to pay merchants who are not in close proximity. The Bank has also extended its peer to peer money transfer solution to the Sampath PayApp, permitting users of the app to send money through it too. This makes it the first fully self-activated mobile payment application in the country to offer 3 secure methods of payment viz. encrypted sound, remote payments and QR codes.
Sampath Bank has also done away with several entry barriers that have held businesses back from adopting existing electronic payment methods. Merchants will not be required to make any commitment on transaction volumes with Sampath PayApp. 
They can download the app and complete the initial setup on their existing mobile devices by themselves and get the facility activated at the nearest Sampath Bank branch. The considerably lower commission ratestranslate into significant year round savings for their business. Being mobile based, it doesn’t require them to make any additional investments in hardware. The simplicity and convenience brought in by the platform is set to enable swifter and more efficient processing of transactions.
Cutting down on the need to handle cash, SampathPayApp’s real time transfer capability will allow merchants to receive payments directly into their bank accounts, instantaneously. The system allows them to generate electronic payment receipts for both the customer and the business. With all transactions being recorded digitally, business users can query the system about past records. Merchants will be able to manage all their payments related administrative functions using the App’s web portal. Sampath PayApp can also be extended to integrate their existing websites and ERP systems.
“The initial response we have received from the market has been very encouraging. While we continue to grow the network of merchant partners accepting payments over the platform, we look forward to rolling out a host of benefits and privileges for consumers transacting through Sampath Pay App,” Salgado added.