Monday 4th January 2021, Colombo: WEBXPAY, the secure and reliable Internet payment gateway provider completes 5 successful years of operations this month. An idea nurtured for months reached fruition when the founders established WEBXPAY in December 2015. With the motto of ‘We don’t dream abour success, we work for it’, within 5 short years, the fin-tech has grown from strength to strength, garnering 2,000 merchants and processing over Rs. 3 Billion in transactions by year-end.
Incorporated in 2015, WEBXPAY, the e-commerce solutions enabler, made a splash in the market back in April 2016, with the express aim to enable SMEs to enter into the sphere of e-commerce at affordable cost without facing significant barriers. Within 3 short months, in June 2016, 100+ merchants signed up in its journey to contribute to financial inclusion and inclusive growth in Sri Lanka. Along its journey to transform the e-commerce space, WEBXPAY in January 2017 successfully concluded discussions with the Central Bank of Sri Lanka to operate without any disruption on the basis of its experience and knowledge of the domain that the founders possessed.
There was no looking back after this, as by May 2018, WEBXPAY recorded Rs. 500,000,000 worth of transactions and on-boarded 1,000 merchants in 2 years of setting up operations. By this time, WEBXPAY’s acceptance was apparent in the fact that by June 2018 it had entered into partnerships with 4 leading local commercial banks, which linked their substantial base of customers to the benefit offered by WEBXPAY’s digital platform, enabling them to make their payments online for an extremely wide range of goods and services.
Going from strength to strength, WEBXPAY continued to expand its portfolio of merchants – reaching 1,300 and recording Rs. 1,000,000,000 worth of transactions by February 2019, going on to increase the base to 1,700 by June 2020. WEBXPAY emerges as a key enabler for businesses, having to adopt e-commerce and digital payments overnight during the pandemic
Fulfilling a lacunae in the market, WEBXPAY went on to launch XWallet in July 2020, which empowered merchants to expand to as many as 13 payment options so that regardless of what method their customers used to make payments, they could be accepted by the merchants.
Enhancing customer convenience further, in July 2020 WEBXPAY introduced its mobile app, Xpos – a mobile application for merchants that offers them convenience and easy access to check transaction history, refund customer payments, generate invoices and send links to make payments – all through their smartphone!
Despite the pandemic situation prevailing in the country, WEBXPAY’s performance exceeded expectations, achieving a billing of Rs. 2.5 billion within 5 years of operations in the digital payment space by September and going on to expand to Rs. 3 Billion to complete year 2020 and commemorate its 5th anniversary in the most befitting manner. The quantum of success it has achieved within 5 years has primed it to roll out even more ambitious plans for the future and customers can expect even greater trailblazing innovation from WEBXPAY going ahead