Sanasa Development Bank buys Sri Lanka mobile payment start-up Upay

ECONOMYNEXT – Sri Lanka’s Sanasa Development Bank (SDB) has bought the UPay mobile payment platform for 20 million rupees, it said in a stock exchange filing.

The bank has signed a sales agreement with UPay’s parent, Payment Services (Pvt) Ltd., to buy UPay mobile payment platform from 10 June 2019 subject to central bank approval, it said.

UPay enables customers to do cashless transactions using the application to link bank accounts, debit cards and credit cards.

By using this application customers can buy products and services using their smartphones, the statement said. 
(COLOMBO, 10 June 2019)