iPay Sri Lanka
Country: Sri Lanka (LK) | Payment Rail: closed_loop_wallet
DigitalWallet
Market Adoption: 8%
iPay is a versatile mobile payments application in Sri Lanka developed by LOLC Finance, featuring multi-bank account aggregation and instant interbank transfers for merchant payments, loan repayments, and municipal bill settlements.
🔄 User Payment Flow
- Customer selects iPay at checkout or scans merchant iPay QR
- Customer logs into iPay app and chooses which linked bank account to debit
- Customer verifies transaction details and authorizes with biometrics / PIN
- Funds are cleared through JustPay network instantly
⚙️ Characteristics & Settlement
| Instant Payment | YES |
| Supports QR | YES |
| Supports Recurring | NO |
| Supports Refund | YES |
🛠️ Merchant Integration Steps
- Merchant creates payment order with iPay Merchant Portal / PSP
- iPay coordinates with LankaPay network for bank account pull
- Merchant receives instant confirmation and automated daily settlement