DirectPay is an electronic payment option providing a viable alternative to cash, POS and MPOS systems. At the point of purchase the customer needs to scan the QR code displayed at the merchant using the DirectPay app and confirm payment. Now you can say bye to the wallet and use DirectPay a user friendly simple app that will revolutionize the payment system by providing convenience to customers.
Basically what happens in the app is that the Merchants have a QR code masking their information displayed at their shops. The users simply have to scan this QR code and enter the amount to be paid or the merchant can generate a dynamic QR code embedding the total bill value with the merchant ID so the customer doesn’t have to enter the amount to be paid and proceed. When the transaction is completed the merchant will receive a text message on a basic phone from the bank confirming the payments and the user will also receive a text message from the bank of the payment being completed through an account to account transfer between the merchant bank and the user’s bank. Out of 7.5 Billion people living in the world there are 2.5 billion people who use small value transactions that is not recorded at all, with DirectPay our aim is to get this 2.5 billion people onboard with the banks
The main reason why we came up with the product DirectPay was because most of the time the mobile phone is always glued to the hand even though some forget their wallets. The burden of carrying notes and coins and the worry of giving change to the merchant could be eliminated by our app.
There are 23.5 million people living in Sri Lanka and 1.2 million which is 5 % of the total population use cards to make their daily payments. According to the 2016 Central bank reports there were 154 Billion rupees of transitions made by cards just last year. In average approximately 4.5 billion rupees have paid as transaction fee by Sri Lankan merchant nearly 3 billion rupees have been paid to overseas agencies. The electronic transaction will have a rapid growth in the coming 3 to 4 years and the agency fee will tremendously grow. Our aim is not to disrupt the existing market but to provide an alternative where the transaction could be facilitated with lesser cost. As Sheril Edison mentioned in her keynote at disrupt Asia the biggest challenge Sri Lankan entrepreneurs faced is to get paid electronically our aim is to get them paid via DirectPay via multiple channels.
DirectPay was recognized as the runners up of Hemas Slingshot Startup Battle at the Disrupt Asia 2017 out of 14 startups. Founders of DirectPay Avindi Perera a second year computing undergraduate student of University of Northampton, Dinesh Karunathilaka 8 years in the open source technologies predominantly in system architecture. 3 years of experience in the fin-tech industry and Kanishka Weeramunda, 17 years of total experience in the field of ICT, 3 years of experience in the financial technology domain and eco-system support.