Arimac innovates and redefines the Sri Lankan banking sector – Financial News

Mobile payments saw increased development after the world faced the COVID-19 crisis in 2020. In the new, socially remote world, customers quickly switched to digital solutions, whether for grocery shopping or shopping. for fun.

Many companies have had to transform digitally to follow the “contactless” mode of operation.

“Within ten years, the objects used to make physical payments, whether they are plastic cards, paper notes or metal coins, will be obsolete, with most of this obsolescence occurring in the United States. over the next five years. Arimac has currently partnered with several multinational companies that have already started the trend towards digitization.

It’s not science fiction either. Look no further than Asia for examples of countries where most business transactions are done via mobile phone.

At Arimac, we are excited to be at the forefront, leading the Sri Lankan fintech industry to the next stage of digitalization, ”said Chamira Jayasinghe, Founder / CEO of Arimac.

One such partnership is Arimac’s collaboration with the People’s Bank to launch the People’s Pay digital wallet, enabling individuals and businesses to conduct electronic transactions and store their data securely.

Thanks to the People’s Bank mobile wallet, customers can now check their account balances, transfer funds, pay utility bills as well as manage accounts at other banks. In addition, customers can also easily perform mobile top-ups, bill payments and QR code payments. Merchants also have a host of user-friendly features, including in-app registration requests, currency-based history and overview, same-day refunds, and QR code generation with the convenience of using the same application for personal and business financial management. .

Providing customers with enhanced biometric security features, such as fingerprint scanning and facial recognition, the mobile wallet is also equipped with AI technology that would allow customers to verify all information uploaded to the platform. form as well as capture the digital signatures of users.

The app’s integration security features will be further enhanced to facilitate EKYC and VKYC modules for additional identity verification.

“We developed this app in just two months. It normally takes around 8 months to develop a fully functional mobile wallet; however, the team was determined to stay on schedule and worked tirelessly to achieve it.

We are currently working on improving the functionality by transforming the standard mobile wallet into a complete banking solutions application. It will transform the way people handle money and redefine Sri Lankan banking. We are delighted to have partnered with the People’s Bank to bring this revolutionary technology to the Sri Lankan market, ”said Chamira Jayasinghe.

The portfolio is fully compliant with all regulatory and cybersecurity requirements and is approved by the Central Bank of Sri Lanka. Available on all mobile platforms and compatible in Sinhala, English and Tamil, the People’s Pay Mobile Wallet is the ideal tool to manage all your online transactions.

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