Abstract:
The global digital payment market size is increasing at the market growth of 20% Compound
Annual Growth Rate. Following the global pandemic situation cashless payments has become
the norm for the overall population of the world. Yet, considering the context of the Sri Lankan
population, the usage of cash is inevitable for the near future and beyond. Even though the
usage of mobile phones and the internet has been increased, the adaptability towards digital
payment solutions has not been observed with a considerable rate of growth.
From the population of urban to rural areas, the average person will use more than one mode
of payment methods such as cash, debit card, credit card, internet banking, cheque etc. for day
to day purposes. This leads to the addressing problem of the inefficient practice of money
management with limited accessibility to digital payment solutions and the inability of users to
analyze a comprehensive record of transactions to make effective financial decisions using a
digital solution.
This research project focuses on providing a digital payment platform for general users and the
merchants of small and medium scale enterprises, that would bring a revolutionary change to
the domain of digital banking and mobile payment applications and the conventional way of
how the existing digital payment infrastructure is being utilized by the stakeholders. The
solution for general users will provide the use cases that would encourage them to save money
while they spend through the solution and the ability to effectively manage the money either
individually or as a group with the predicted amount of upcoming expenses. Meanwhile, the
solution for merchants will reduce the limitations of accessibility for both the merchants and
general users with the option to make digital payments without relying on a smartphone or the
internet connection for users and a convenient payment receiving and money managing process
for merchants."
