HOW DOES JUSTPAY FIT INTO KAPRUKA‘S BUSINESS MODEL?
Right now, we use 20-25% of revenue on a daily basis because we can’t accept debit cards and customers can’t pay with bank accounts. I see great potential in JustPay to fill this said. In any e-commerce business, payment methods play a crucial part. Even though cash on delivery is the most popular option in developing countries such as Sri Lanka, direct bank payment should at least be the next best option. Credit card and other mature options come later, and at a higher price to online businesses like Kapruka.
HOW GREAT A CHALLENGE IS PAYMENTS FOR WIDESPREAD E-COMMERCE?
Over 30% of e-commerce checkout journeys do not get past the payment page. This is an industry norm in the region. It’s due to payment barriers. This is why we also promote cash on delivery to secure these orders.
CAN JUSTPAY CONTRIBUTE TOWARDS E-COMMERCE GROWTH?
Yes, of course! In fact, I was going after LankaClear personally, encouraging them to build this solution for the sake of the e-commerce industry.
IS KAPRUKA GEARED TO WORK WITH MULTIPLE PAYMENT APPS?
Kapruka has always been a technology company more than an e-commerce retailer. We are also keen to integrate this to Grasshoppers – a sister company of Kapruka – which connects with over 450 small e-commerce websites in Sri Lanka. I believe the Kapruka-JustPay partnership will have a large and rapid impact on Sri Lanka’s e-com-memo ecosystem.
EVEN THOUGH CASH ON DELIVERY IS THE MOST POPULAR OPTION IN DEVELOPING COUNTRIES SUCH AS SRI LANKA. DIRECT BANK PAYMENT SHOULD AT LEAST BE THE NEXT BEST OPTION
HOW DO YOU SEE THE FUTURE FOR CASHLESS PAYMENTS EVOLVING?
Cash will recede from the e-commerce space very fast. COD or ‘cash on delivery’ is something we want to change to ‘card on delivery‘, where the delivery reps [grasshoppers] will carry a mobile that also accepts cards or QR of JustPay partners at the customer’s doorstep.