iPay
iPay is a Sri Lankan digital payment platform enabling consumers and SMB merchants to send money, pay bills across 40+ service providers, and accept QR payments via LankaClear's JustPay network connecting 9+ major Sri Lankan banks.
- Company typePrivate
- Founded2018
- HeadquartersRajagiriya, Sri Lanka
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What iPay does
iPay is a Sri Lankan digital payments platform that enables consumers and merchants to send money, pay bills, and accept QR-based payments through a unified mobile application ecosystem. The platform comprises two primary apps — a consumer app (iPay Customer App, distributed on iOS, Android, and Huawei AppGallery) and a merchant app (iPay Merchant App) — plus web merchant onboarding and a developer sandbox for e-commerce integration via the iPay Payment Gateway (IPG). The platform is built on LankaClear's JustPay network, which provides interoperability across 9+ major Sri Lankan banks and financial institutions, including Bank of Ceylon, Commercial Bank, Hatton National Bank, Peoples Bank, Nations Trust Bank, Cargills Bank, Sampath Bank, Pan Asia Bank, and Commercial Leasing & Finance PLC. iPay integrates 40+ bill pay service providers spanning utilities, telecommunications, cable TV, insurance, education, and government payments, and supports cross-border QR acceptance via UPI, Alipay, and UnionPay networks.
The core technical differentiator is the JustPay-based bank-aggregator architecture, which allows users to transact from existing bank accounts without opening new wallets or topping up via agents; the platform holds ISO 27001:2013 certification for information security management. iPay's go-to-market combines product-led growth (self-serve app download and merchant onboarding under 5 minutes), an API-first motion (sandbox integration with documentation for e-commerce websites), and a channel partner motion leveraging LOLC Finance PLC's island-wide branch network for in-person merchant onboarding.
iPay monetizes via consumer transaction fees (Rs. 0 to Rs. 125 per bill, varying by payment method and slab) and merchant transaction fees under per-merchant agreements, with zero setup fees and a promotional commission-free initial period for merchants. The company reports 1 Mn+ app downloads, Rs. 18 Bn+ monthly transaction volume, 1.8 Mn+ monthly transactions, and 45,000+ merchant acceptance points. Leadership consists of founder Conrad Dias (Founder & CEO); no broader management team is disclosed. Headquarters are at 100/1 Sri Jayawardenapura Mawatha, Rajagiriya, Sri Lanka, with 11-50 employees and no disclosed funding rounds or revenue figures.
iPay firmographics
Firmographics- Name
- iPay
- Legal name
- iPay
- Website
- https://ipay.lk
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- iPay is a Sri Lankan digital payment platform enabling consumers and SMB merchants to send money, pay bills across 40+ service providers, and accept QR payments via LankaClear's JustPay network connecting 9+ major Sri Lankan banks.
- Ownership category
- akta.pro rank
iPay industry classification
Industry- Product category
- Digital Payments Platform
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)
- akta.pro secondary industry
- Alternative Payment Methods (APMs) & Local Rails (ACH/SEPA/UPI, etc.) (CRAFALAG)
Keywords
Where iPay is headquartered
LocationHeadquarters
- HQ city
- Rajagiriya
- HQ country
- Sri Lanka
- HQ region
- Asia
Offices1 record
Markets served
iPay business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Consumer Transaction Fees: iPay charges consumers transaction fees for bill payments and fund transfers based on payment method and amount. Fees vary by service type — government payments Rs.20, electricity Rs.30, water Rs.30, credit cards Rs.30, insurance Rs.35, financial institutions Rs.50, education Rs.100. Fund transfers from non-LOLC accounts to other banks range from Rs.25-50 depending on amount. Free transactions include reloads, leasing, cable TV, and telecom fixed line payments from digital savings accounts.
- Merchant Transaction Fees: iPay charges merchants a fee per transaction as per the Merchant agreement signed with iPay. Details on transaction fees are shared at the time of signing the merchant agreement. Merchants with LOLC Finance accounts receive instant settlement; others receive payments per iPay Terms and Conditions.
- QR Code and Card Payments: Fees for bill payments made via credit cards/debit cards follow a slab structure — ranging from Rs.10 (0-200) to Rs.125 (higher slabs) depending on bill type. Travel and government payments charged at Rs.50-100 per 5,000 slab.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Digital Savings / LOLC Savings Accounts - Most bill payments FREE |
| Transaction based/ take rate | Pay-as-you-go | Other Bank Accounts - Per bill payment fees |
| Transaction based/ take rate | Pay-as-you-go | Credit/Debit Card Bill Payments - Slab-based pricing |
| Transaction based/ take rate | Pay-as-you-go | Fund Transfers (Send Money) |
| Transaction based/ take rate | Pay-as-you-go | Mobile Number / Pay & Request / QR / Split Bill Features |
| Transaction based/ take rate | Pay-as-you-go | Merchant Integration - Zero Setup Fees |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels4 records
iPay product offering
Product offeringCore offering
iPay is a digital payments platform that enables Sri Lankan consumers and merchants to send money, pay bills, and accept digital payments through mobile apps and a payment gateway, using users' existing bank accounts linked via LankaClear's JustPay network. It serves individual consumers via a free-to-download consumer app and provides merchants with QR acceptance, Pay by Link, and an e-commerce payment gateway (IPG) for receiving digital payments.
Product overview
iPay is a digital payments platform providing a unified ecosystem for consumers and merchants in Sri Lanka. The platform consists of the iPay Customer App for individual users to send money, pay bills, and track spending, and the iPay Merchant App/Business platform for merchants to accept payments. Key products include the iPay Payment Gateway (IPG) for e-commerce, Lanka QR for QR code payments, Pay by Link for payment links, and Send Money/Bill Payment services. All services are connected through LankaClear's JustPay network enabling interoperability across multiple Sri Lankan banks and financial institutions.
Differentiator
Problem solved
Functional benefit
Products and services
- iPay Customer App Mobile application for individual consumers enabling digital payments, cross-bank money transfers, bill payments, merchant QR payments, and spending tracking across connected Sri Lankan banks via LankaClear's JustPay network.
- iPay Merchant App Mobile application for merchants to receive digital payments from customers, including QR acceptance and Bluetooth receipt printing, with instant settlement to a linked bank account.
- iPay Payment Gateway (IPG) E-commerce payment gateway that securely processes customer payments through merchant websites and mobile applications via a sandbox-tested API integration.
- Pay by Link Secure payment link feature that allows merchants to send payment URLs directly to customers for fast and easy remote payment collection and invoicing.
- Lanka QR QR code payment acceptance enabling merchants to accept Lanka QR as well as foreign QR codes from UPI, Alipay, and UnionPay networks for physical and online stores.
- iPay Sandbox Integration Environment Developer testing environment that lets merchants build, configure, and validate production-ready payment integrations via API before going live.
Quantifiable outcome
- 1 Mn+ app downloads
- +4 more outcomes
Companies that use iPay
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles3 records
iPay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature9 records
iPay partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered core and minor.
- LankaClear (JustPay Network)coreiPay is built on LankaClear's JustPay network, which enables interoperability between multiple banks and financial institutions. This partnership is foundational to iPay's ability to process cross-bank transfers and bill payments for users with accounts at connected institutions including Bank of Ceylon, Commercial Bank, Hatton National Bank, Peoples Bank, Nations Trust Bank, Cargills Bank, Sampath Bank, Pan Asia Bank, and various finance companies.
- LOLC Finance PLCcoreLOLC Finance PLC is the parent company and primary banking partner. LOLC Finance accounts receive instant settlement for merchant payments. LOLC also operates the branch network used for physical merchant onboarding. LOLC Finance is connected to the JustPay network enabling iPay functionality.
- Bank of CeyloncoreConnected to LankaClear JustPay network, enabling iPay users to link their Bank of Ceylon accounts for fund transfers and bill payments.
- Commercial Bank PLCcoreConnected to LankaClear JustPay network, enabling iPay users to link their Commercial Bank accounts for fund transfers and bill payments.
- Hatton National BankcoreConnected to LankaClear JustPay network, enabling iPay users to link their HNB accounts for fund transfers and bill payments.
- Peoples BankcoreConnected to LankaClear JustPay network, enabling iPay users to link their Peoples Bank accounts for fund transfers and bill payments.
- Nations Trust BankcoreConnected to LankaClear JustPay network, enabling iPay users to link their Nations Trust Bank accounts for fund transfers and bill payments.
- Cargills BankcoreConnected to LankaClear JustPay network, enabling iPay users to link their Cargills Bank accounts for fund transfers and bill payments.
- Sampath Bank PLCcoreConnected to LankaClear JustPay network, enabling iPay users to link their Sampath Bank accounts for fund transfers and bill payments.
- Pan Asia Bank LtdcoreConnected to LankaClear JustPay network, enabling iPay users to link their Pan Asia Bank accounts for fund transfers and bill payments.
- Commercial Leasing and Finance PLCcoreConnected to LankaClear JustPay network, enabling iPay users to link their CLF accounts for fund transfers and bill payments.
- PickMeminorTransportation and delivery platform partner, appearing in iPay's sponsor/partner section. Nature of partnership appears to involve payment acceptance or promotional offers for iPay users ordering through PickMe.
- M-CashminorMobile money service partner appearing in iPay's sponsor/partner section. Partnership likely involves interoperability or promotional deals for users of both platforms.
- eZ-CashminorMobile money service partner appearing in iPay's sponsor/partner section. Partnership likely enables cross-platform transactions or promotional offers.
- Lanka BellminorTelecommunications provider partner appearing in iPay's sponsor/partner section. Likely involved in bill payment services or promotional offers for Lanka Bell subscribers using iPay.
- LOLC AssuranceminorInsurance company partner appearing in iPay's sponsor/partner section. Partnership likely enables insurance premium payments through iPay platform.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
iPay competitors and assessment
Company assessmentBroad incumbents
- PhonePe: India's leading UPI-based payments platform enabling bank-to-bank transfers, bill payments, and merchant QR. Comparable architecture to iPay's JustPay integration (both leverage A2A rails) and operates the cross-border UPI QR acceptance network iPay is plugged into.
- Paytm: India's largest mobile payment and wallet platform covering P2P transfers, bill payments, merchant QR, and payment gateway. Highly comparable in product breadth and feature set to iPay, though operating at vastly greater scale and across a more mature regulatory market.
Regional players
- Wave Money: Mobile money platform serving Myanmar consumers and merchants with P2P transfers, bill payments, and merchant acceptance. Comparable business model and use-case coverage to iPay in a similar frontier/emerging South Asian market context.
- PayHere Myanmar: Emerging South/Southeast Asian payment gateway operating in similar emerging-market contexts to Sri Lanka. Comparable as a regional emerging-market fintech with merchant payment gateway and consumer wallet offerings.
Others
- LankaPay: Sri Lanka's national payment infrastructure operator running the JustPay network and Lanka QR standards on which iPay is built. Not a direct competitor but a critical infrastructure partner and adjacent ecosystem participant enabling iPay's interoperability.
Direct peers
- mCash: Sri Lankan mobile payment service from Mobitel enabling money transfers, bill payments, and merchant QR acceptance. Direct competitor in the same Sri Lankan P2P/bill payment space; iPay explicitly lists mCash as a partner, indicating interoperability coexistence.
- eZ Cash: Dialog Axiata's mobile money platform offering person-to-person transfers, bill payments, and merchant payments across Sri Lanka. Competes directly with iPay on consumer wallet and bill-payment use cases via telco-led distribution.
- Genie: Sri Lanka's first QR-based payment app by LankaClear/People's Bank, focused on merchant QR payments. Overlaps directly with iPay's Lanka QR acceptance and merchant acceptance positioning within the same JustPay ecosystem.
- FriMi: Hatton National Bank's digital banking and payments super-app offering transfers, bill payments, and merchant payments. Direct competitor targeting the same Sri Lankan consumer use cases that iPay addresses, with the additional advantage of a large incumbent bank's distribution.
- PayHere: Sri Lanka's leading online payment gateway serving merchants and e-commerce businesses with card and bank-based acceptance. Directly comparable to iPay's IPG and merchant payment acceptance business, operating in the same domestic market with overlapping SMB merchant segments.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
iPay social profiles
Digital presenceiPay compliance and trust
Trust signalCompliance1 record
iPay financial estimates
Financial estimateRevenue estimate
Valuation estimate
iPay leadership team
Management profileNumber of profiles
Profiles1 record
iPay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
iPay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about iPay
What does iPay do?
iPay is a digital payments platform that enables Sri Lankan consumers and merchants to send money, pay bills, and accept digital payments through mobile apps and a payment gateway, using users' existing bank accounts linked via LankaClear's JustPay network. It serves individual consumers via a free-to-download consumer app and provides merchants with QR acceptance, Pay by Link, and an e-commerce payment gateway (IPG) for receiving digital payments.
Is iPay a public or private company?
iPay is a private company. It is classified as corporate owned and is currently operating.
When was iPay founded?
iPay was founded in 2018. It employs 11 to 50 people.
Where is iPay based?
iPay is headquartered in Rajagiriya, Sri Lanka, in the Asia region.
How does iPay make money?
Three revenue lines are on record. Consumer Transaction Fees are the primary driver. The others are merchant Transaction Fees and QR Code and Card Payments.
Who are iPay's main competitors?
Broad incumbents on record are PhonePe and Paytm. Regional players are Wave Money and PayHere Myanmar. LankaPay is listed as an others. Direct peers are mCash, eZ Cash, Genie, FriMi and PayHere.
Does iPay have an API?
Yes. iPay offers a web payments integration API for merchant websites. The API enables online payment processing capabilities allowing businesses to accept digital payments. Integration documentation is provided in PDF format. The platform provides a sandbox environment for testing integrations before going live. Security is emphasized with ISO 27001:2013 certification. Developer documentation is at objects.ipay.lk/resources/iPay-Web-Payments-Integration-Document.pdf.
What industry is iPay in?
iPay's product category is Digital Payments Platform. Its primary akta.pro industry code is FSAMAFAF, A2A Checkout & Merchant Acceptance Solutions, with a secondary code of CRAFALAG, Alternative Payment Methods (APMs) & Local Rails (ACH/SEPA/UPI, etc.). Its SIC code is 7370.