Sri Lankan developed mobile payment app tested in Singapore
COLOMBO (EconomyNext) – The Sri Lankan founders of Kashmi, a mobile peer-to-peer payment platform, have tested the application in Singapore and say they hope to expand into Hong Kong and Malaysia by the third quarter of 2015.
Kashmi (pronounced Cash-Me) enables users to transfer money on the spot via smart phones, a statement said.
It has already sparked interest from regional investors with DP World, a Middle Eastern port organization, a shareholder having provided seed funding after choosing it to participate in the Dubai-based, TURN8 accelerator program.
The app was developed by Rakhil Fernando, Rajinda Jayasinghe, Mufaddal Lukmanjee and Sanjiv Alles.
“Kashmi aims to become the Paypal of micro-transactions in Asia with integrated social-media features that will transform simple tasks like splitting a bill at a restaurant or paying your landlord, into a simple, fun and secure process,” the statement said.
Kashmi essentially functions as a social media integrated m-wallet app which users can download and link to their Facebook profile and credit/debit card and bank accounts.
Users can top up their Kashmi account using their credit card, debit card or bank account while deposits will be transferred directly to their bank accounts when they want to cash out.
Kashmi was unveiled at Singapore’s accelerator programme Startupbootcamp Fintech Asia 2015 after being shortlisted to a top 10 position at Europe’s accelerator program when won the SBC’s ‘People’s Choice Award’.
The statement said Kashmi will undergo a business incubator program, which will provide legal advice, office space, networking and marketing support, and mentorship.
Mufaddal Lukmanjee and Sanjiv Alles are not new to the tech field having launched companies such as Saberion, Appwolf and Atom Technologies.