Arimac Innovates and Redefines the Sri Lankan Banking Industry

Mobile payments have seen an increased development after the world faced the COVID-19 crisis in 2020. In the new socially distanced world, customers swiftly moved to digital solutions,whether it was for purchasing groceries or indulging in entertainment.Many businesses had to digitally transform themselves to keep up with the “no contact” way of functioning.

“Within ten years, the objects used to make physical payments, be it plastic cards, paper cash, or metal coins will be obsolete, with most of that obsolescencehappening over the next five years. Arimac currently has partnered with several multinational companies that have already started the trend of digitalization.This isn’t science fiction either. Look no further than Asia for examples of countries where most commerce is transacted through the mobile phone. At Arimac, we are excited to be at the forefront, leading the Sri Lankan fintech industry to the next stageof digitalization,” says Chamira Jayasinghe, Founder/CEO ofArimac.

One such partnership is Arimac’s collaboration with People’s Bankto launch the People’s Pay digital wallet,enabling individuals and businesses to transact electronically and store their data safely. Through 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. Additionally, customers can also conveniently carry out mobile reloads, bill payments, and QR code payments. Merchants are also provided a host of user-friendly features including registration requests within the app, history and overview based on the currency, same-day refunds, and QR code generation with the convenience of using the same app for both personal and merchant financial management.

Providing customers with enhanced biometric security features, such as fingerprint scanning and facial recognition, the mobile wallet is also equipped withAI technologythat would facilitate customers to verify all the information that is uploaded onto the platform as well as capture the users’ digital signatures. The app’s onboarding security features will be further enhanced to facilitate EKYC and VKYC modules for additional identity verification.

“We developed this app in the course of just two months. It normally takes around 8 months to develop a fully functional mobile wallet; however, the team was determined to meet the timeline that was given to us and worked tirelessly to achieve this. We are currently working on enhancing the features even further by transforming the standard mobile wallet to a complete banking solutions app. This will transform the way people handle money and redefine the Sri Lankan banking industry. We are excited to have partnered with People’s Bank to pioneer this groundbreaking technology to the Sri Lankan market,”saysChamira Jayasinghe.

The wallet is fully compliant with all regulatory and cyber security requirements and is approved by the Central Bank of Sri Lanka. Available on allmobile 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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