Sri Lanka
Sri Lanka
Population
Banked population
B2C e-commerce
Top Payment Gateways
Paykassma
Paykassma
Top Payment Gateways to Choose
Let’s compare payment gateways Sri Lanka in the table below.
| Peyments gateway | Rate | Fee | Country | Currency | Website |
|---|---|---|---|---|---|
| Paykassma | 1000$ | Sri Lanka | USD | Open |
What is a Payment Gateway?
A payment gateway has come up as an intermediary service between buyers and sellers, holding online transactions. It connects the e-commerce website to various financial institutions and ensures secured transactions through credit cards, debit cards, and digital wallets, among other means.
Lately, considerable favoring has been reflected towards online payment methods in Sri Lanka, and the tendency of companies to jump onto digital platforms is testament to this assertion. Besides, information regarding all transactions has been made non-accessible by third parties through encryption, even regarding sensitive card details. Paying them reliably and on time will definitely help build trust in your brand name.
Factors to Consider When Choosing a Payment Gateway
In this regard, choosing the correct Sri Lanka payment gateway is very important to maintain your business properly and have customer satisfaction. The key considerations are discussed below:
- Transaction fees. Transaction, processing, and withdrawal fees would be required to compare and contrast compatibility with the business model.
- Security. The security solution should be built on sound measures of security like encryption, fraud detection, and PCI DSS to protect the transactions.
- Integration of e-commerce. It should be easy to run a transaction, with support for popular platforms like WooCommerce, Shopify, or Magento.
- User experience. This refers to how customers will be experiencing the gateways; thus, select the ones that are easy to checkout, optimized for mobile, and multilingual.
- Payment methods. Optimize for gateways that support various alternative payment methods like cards, mobile wallets, and bank transfers.
- Currency support. Gates are supported by various currencies such as LKR, USD, and EUR for international settlements.
- Setup and maintenance charges. Check to see if setup or recurring charges are present. A small business would not want any of those since they turn out to be unaffordable.
- Settlement time. Find out the settlement time in your account. This is one important cash flow feature.
- Customer care. Ensure options that can support 24/7 through call, email, as well as live chat.
This will also allow businesses to find a practical gateway that meets one's need by focusing on these aspects.
BitPay
BitPay is an online payment gateway that makes it simple, safe, and easy for businesses to accept crypto transactions. It’s one of the most favored platforms when discussing the onboarding of digital currencies for businesses.
| Characteristic | Value |
|---|---|
| Setup fee | None |
| Requirements | A registered business account and an API implementation by a developer |
| Accepted methods | Crypto wallets, BitPay wallet, Visa, MasterCard |
| Available countries | 230 countries and territories, including Sri Lanka |
| Supported currencies | BTC, BCH, DOGE, ETH, USD, EUR, GBP |
| Setup feeNone | |
| RequirementsA registered business account and an API implementation by a developer | |
| Accepted methodsCrypto wallets, BitPay wallet, Visa, MasterCard | |
| Available countries230 countries and territories, including Sri Lanka | |
| Supported currenciesBTC, BCH, DOGE, ETH, USD, EUR, GBP |
Pros
- The platform opens them up to a worldwide clientele using cryptocurrencies
- Offers lower fees per transaction than conventional modes of payment
- Protects against volatility with instant currency conversion
- No setup or annual fees
Cons
- Only limited support for fiat currencies is available, which might not be feasible for every business
- Crypto price fluctuations have the potential to change transaction amounts before conversion
Commercial
Commercial Bank is the biggest private bank in the country. It offers Simple Pay, an all-inclusive solution that meets all business needs. Because it offers a wide array of online payment methods in Sri Lanka, it is considered one of the favorite gateways among local merchants.
| Characteristic | Value |
|---|---|
| Setup fee | LKR 10,000 |
| Requirements | Commercial Bank business account, a registered business entity, an online business, and decured web page for IPG |
| Accepted methods | VISA, MasterCard, and UnionPay |
| Available countries | Sri Lanka, Bangladesh, Maldives, Myanmar |
| Supported currencies | LKR, USD, EUR |
| Setup feeLKR 10,000 | |
| RequirementsCommercial Bank business account, a registered business entity, an online business, and decured web page for IPG | |
| Accepted methodsVISA, MasterCard, and UnionPay | |
| Available countriesSri Lanka, Bangladesh, Maldives, Myanmar | |
| Supported currenciesLKR, USD, EUR |
Pros
- Strong local presence and good in-country customer suppor
- Easy integrations with most e-commerce platforms
- Secure and reliable transaction processing
Cons
- Settlement requires a bank account with Commercial Bank
- It may have higher transaction fees
Genie
Genie is one of the most popular Sri Lankan payment gateways developed by Dialog Axiata, one of the major telecommunications companies. It has gained fame for its hassle-free mobile phone transactions and user-friendly interface, which are targeted at businesses of all sizes.
| Characteristic | Value |
|---|---|
| Setup fee | None |
| Requirements | Dialog Genie business account and KYC (Know Your Customer) documentation |
| Accepted methods | Visa, MasterCard, American Express, eZ Cash, Genie Wallet, QR codes |
| Available countries | Sri Lanka |
| Supported currencies | LKR, SEK, EUR, GBP, NOK, CAD, CHF, PLN, DKK, AUD, HKD, USD |
| Setup feeNone | |
| RequirementsDialog Genie business account and KYC (Know Your Customer) documentation | |
| Accepted methodsVisa, MasterCard, American Express, eZ Cash, Genie Wallet, QR codes | |
| Available countriesSri Lanka | |
| Supported currenciesLKR, SEK, EUR, GBP, NOK, CAD, CHF, PLN, DKK, AUD, HKD, USD |
Pros
- Strong focus on mobile payments; hence, it is ideal for mobile-first businesses
- Easy integration with other Dialog services, such as mobile wallets and telecom services
- Provides a secure environment, including fraud protection measures
Cons
- Limited to mobile and online operations; does not support some advanced e-commerce features
- Primarily focused on the local market, there is a limit to global reach
HNB, HNB Bank
Hatton National Bank is one of the leading commercial banks. It offers a robust payment gateway for website that supports online and in-store payments. Locals highly utilize it due to its fully-fledged service and secure infrastructure.
| Characteristic | Value |
|---|---|
| Setup fee | None |
| Requirements | A registered HNB business account and additional documentation for integration |
| Accepted methods | Visa, MasterCard |
| Available countries | Sri Lanka |
| Supported currencies | LKR, USD, EUR, GBP |
| Setup feeNone | |
| RequirementsA registered HNB business account and additional documentation for integration | |
| Accepted methodsVisa, MasterCard | |
| Available countriesSri Lanka | |
| Supported currenciesLKR, USD, EUR, GBP |
Pros
- Strong network and local support
- Fraud detection is built-in with secure processing
- Easy integration with many popular e-commerce platforms and websites
Cons
- Settlement requires having a business account at HNB
- Transaction fees may be charged depending on businesses of different types and the volume of transactions
PayHere
PayHere is one of the most famous options for local businesses and e-commerce websites. This internet payment gateway supports almost all methods and provides a straightforward integration process, which is more favorable among startups and SMEs.
| Characteristic | Value |
|---|---|
| Setup fee | None |
| Requirements | Registered business entity and a local bank account |
| Accepted methods | Visa, MasterCard, Amex, eZcash, mCash |
| Available countries | Sri Lanka |
| Supported currencies | LKR, USD |
| Setup feeNone | |
| RequirementsRegistered business entity and a local bank account | |
| Accepted methodsVisa, MasterCard, Amex, eZcash, mCash | |
| Available countriesSri Lanka | |
| Supported currenciesLKR, USD |
Pros
- Provides multiple modes of payment, thereby giving customers choices
- Its pricing is transparent and has very competitive transaction fees
- Excellent customer support and support footprint
Cons
- Supports a handful of currencies; its operations are targeted at the local market
- It may require technical expertise during initial integrations on websites or apps
Sampath Bank
Sampath Bank is one of the leading banks, offering different scales of local businesses and one of the best payment gateway in Sri Lanka. It allows multiple methods, hence this is a reason why merchants prefer it.
| Characteristic | Value |
|---|---|
| Setup fee | LKR 15,000 |
| Requirements | Sampath Bank business account and registered business entity |
| Accepted methods | Visa, MasterCard |
| Available countries | Sri Lanka |
| Supported currencies | LKR, USD, EUR, GBP, AUD |
| Setup feeLKR 15,000 | |
| RequirementsSampath Bank business account and registered business entity | |
| Accepted methodsVisa, MasterCard | |
| Available countriesSri Lanka | |
| Supported currenciesLKR, USD, EUR, GBP, AUD |
Pros
- This solution allows online card payments, mobile banking, and bank transfers
- 3D Secure environment for securely making online card transactions
- Provides comprehensive analytics for every transaction and has seamless support and customer care process
- Very advanced features for securing every transaction
- Processing reliability for online and in-store operations
Cons
- The only method of settlement is a Sampath Bank account
- Relatively high transaction fees compared to some international gateways
Seylan
Seylan Bank offers a fully secure solution that differs from other Sri Lanka payment gateways. It accepts various card methods, making it popular among those who want to settle online and in-store transactions easily.
| Characteristic | Value |
|---|---|
| Setup fee | LKR 20,000 |
| Requirements | Seylan Bank business account and additional KYC documentation |
| Accepted methods | Visa, MasterCard, UnionPay (soon) |
| Available countries | Sri Lanka |
| Supported currencies | LKR, USD, EUR, GBP, AUD |
| Setup feeLKR 20,000 | |
| RequirementsSeylan Bank business account and additional KYC documentation | |
| Accepted methodsVisa, MasterCard, UnionPay (soon) | |
| Available countriesSri Lanka | |
| Supported currenciesLKR, USD, EUR, GBP, AUD |
Pros
- Strong local presence and good customer support
- Flexibility in paying options: via mobile and internet banking
- Secure and fast processing of both local and international transactions
Cons
- The facility for settlement is available only through a Seylan Bank account
- Limited global reach, mostly targeted at the local market
WEBXPAY
WEBXPAY is the most used payment gateway in Sri Lanka that provides both security and online transaction solutions for businesses. It is believed to be one of the easiest gateways when it comes to integrating with e-commerce platforms, and it also offers multi-mode transactions. Therefore, this is suitable for small to medium-sized enterprises.
| Characteristic | Value |
|---|---|
| Setup fee | LKR 15,000 |
| Requirements | A registered local business and a local bank account |
| Accepted methods | Visa, MasterCard, American Express, Discover, eZcash, mCash, Virtual Wallet, Sampath Vishwa |
| Available countries | Sri Lanka |
| Supported currencies | LKR, USD, EUR, GBP, AUD |
| Setup feeLKR 15,000 | |
| RequirementsA registered local business and a local bank account | |
| Accepted methodsVisa, MasterCard, American Express, Discover, eZcash, mCash, Virtual Wallet, Sampath Vishwa | |
| Available countriesSri Lanka | |
| Supported currenciesLKR, USD, EUR, GBP, AUD |
Pros
- Supports the use of multiple local and international methods
- Transparent fee structure with competitive transaction rates in mind
- Strong customer support and ease of integration processes
Cons
- A more locally focused platform that compromises much on its global transaction capabilities
- Requires technical integration, which might seek developer assistance during the initial setup
2Checkout
2Checkout is one of those online payment gateways, recently becoming part of Verifone, which provides its services to merchants who can now receive money with ease. The platform offered by this website supports many methods and currencies; hence, it is ideal for businesses that have customers in every part of the globe.
| Characteristic | Value |
|---|---|
| Setup fee | None |
| Requirements | Proof of business registration, ID proof, and a bank account |
| Accepted methods | Visa, MasterCard, American Express, Union Pay, Discover, Diners Club |
| Available countries | Available in over 200 countries |
| Supported currencies | Over 200 currencies, including LKR |
| Setup feeNone | |
| RequirementsProof of business registration, ID proof, and a bank account | |
| Accepted methodsVisa, MasterCard, American Express, Union Pay, Discover, Diners Club | |
| Available countriesAvailable in over 200 countries | |
| Supported currenciesOver 200 currencies, including LKR |
Pros
- Strong international presence with multi-currency and multilingual support
- Extensive fraud detection and prevention tools
- Diverse methods supported, like PayPal and a number of credit cards
Cons
- Much higher transaction fees
- May require additional documentation for KYC
Paykassma
Paykassma is a global payment aggregator facilitating seamless online transactions for businesses and consumers in Sri Lanka.
| Characteristic | Value |
|---|---|
| Setup Fee | None |
| Requirements | Registered business and KYC documentation |
| Accepted Methods | Visa, MasterCard, bank transfers, iPay, Upay |
| Available Countries | Multiple countries, including Sri Lanka |
| Supported Currencies | LKR, USD, EUR, GBP, AUD, BDT, BRL, INR, IDR, MYR, MXN, NPR, PHP, PLN, LKR, THB, VND |
| Setup FeeNone | |
| RequirementsRegistered business and KYC documentation | |
| Accepted MethodsVisa, MasterCard, bank transfers, iPay, Upay | |
| Available CountriesMultiple countries, including Sri Lanka | |
| Supported CurrenciesLKR, USD, EUR, GBP, AUD, BDT, BRL, INR, IDR, MYR, MXN, NPR, PHP, PLN, LKR, THB, VND |
Pros
- Compatible with numerous currencies, facilitating international transactions
- Achieves a 99.9% payment success rate, significantly enhancing conversion rates
- Excels in providing services to high-risk industries, ensuring all businesses have access to reliable payment processing solutions
Cons
- Certain transactions may incur higher fees, particularly for currency conversion and withdrawals
- Some local payment methods may not be supported
FAQ
What is the most popular payment gateway?
Among the most used gateways, PayHere and Commercial Bank have gained much popularity due to their rich functionality, security of transactions, and widespread acceptance through online marketplaces and bricks-and-mortar retailers.
What are the payment methods available?
The most popular gateways for online methods are credit cards, debit cards, mobile wallets such as Genie and eZ Cash, direct bank transfers, and QR payments. Other gateways may be supportive of international means, such as PayPal.
Is 2Checkout available?
Yes, 2Checkout is available. Since it supports international transactions and has numerous options for methods, it is suitable for businesses with customers across the globe.
