Pay With Onepay

MR. AMILA FERNANDO

MR. GODFREY VAAS

An Interview with two innovative individuals, Mr. Amila Fernando (Chief Executive Officer) and Mr. Sohan Godfrey Vaas (Chief Financial Officer), who are changing the financial landscape of Sri Lanka with the fusion of technology.

1. What is “Onepay” and what inspired you in creating this app? (from Mr Amila Fernando – Chief Executive Officer)

When I came down to Sri Lanka for my vacation from school in Japan, I went to the store and bought some goods, where I never received my change. Instead, I got a piece of gum which was of no use to me. Even though it was a small amount, it made me think of how many times I have faced such encounters throughout my life and how much of loss I have been accumulating unknowingly in an unpleasant way. Therefore, I thought of making payments in a way that there will be no any worries on changes to be received. I developed this idea of the Onepay app and pitched it to the Incubator event in Japan. They were interested in my pitch and were willing to invest in my idea, which kick-started the Onepay app’s operations.

2. In today’s fast-paced world, everyone’s looking for ways to complete their daily tasks in less time as possible. How does Onepay help with this, and is there a particular market you target?

Our target market is B2C which can be considered the end customers mainly in the age groups of 1838, B2B which includes the intermediaries such as the financial institutions, finance companies, banks, central bank and even the governmental institutions.

The main problems faced by the people in the fast-changing world are the facts that there might not be enough ATMs, black money, issues caused due to Covid-19 and many more. People might be maintaining several bank accounts, and this will have number of charges such as the online banking charges, debit card charges, SMS charges, cash withdrawal charges and many more for the various services that the bank provides. Maintaining all these bank accounts will have a substantial cumulative value.

We as Onepay have solutions for these problems. Onepay is a platform that brings multiple bank accounts and numerous cards into one. We only require that the customer activates the SMS option in their banks which will cost them only an amount of Rs.250/= per year and make all the necessary payments needed using the “Lanka QR code” system. Onepay does all the activities of a bank and provides more. It brings the needs of different people to one platform and provides solutions and easier methods of execution. The customer can make all their bill payments such as payments to vendor and exam fee payments by just scanning the provided QR code. The transactions will be completed, and the payments will be made within a few seconds. As a solution to minimize the Corona virus’s effect, the customers do not need to touch money, do any paperwork, and do not even need to leave their homes to fulfil their daily tasks. Wastage of time at ATMs will be minimized since Onepay does help in necessary payments making. We do also provide solutions to Central Bank of Sri Lanka in issuing cash, storing them and even in distributing them in an efficient manner.

3. What was the application building process and who were involved in it?

Building up this application was not an easy task. Due to the lack of software engineering knowledge, the entire process was more challenging than we anticipated. So initially we got advice on whom to hire and what skills to check when hiring engineers. We hired six engineers of various skills needed to build this app. However, Within 2 to 3 days, a couple of our team members left this project, and we had to search for more and ended up with a total of 9 enthusiastically working team members. Learning from each other, we were able to make this process much easier and more successful. To make progress efficient, we conduct a team call every day and discuss the status.

With the help of a software developer, we drew the structure of our website and application. This took us a few weeks and on top of the structure, we started the developing process. While developing, many changes had to be made due to the governmental rules and regulations, bank requirements, Central Bank regulations and requirements, specific standards requirements and many more.

We have used the best technology available today, which is beyond what is used by the mobile payment industry. We made a super-fast app that provides many services to the customers. We were able to make an application available on various platforms such as IOS and Android. We have also created a platform where users can solve the problems they face. With all these formidable teamwork, we braced ourselves to stand here today.

4. Were there any obstacles or struggles along the way of making this application becomes a reality?

There were enough and more challenges and obstacles that we had to face along the way to success. Both Sohan and I (the co-founders) not being from the software engineering background was a huge challenge. We had to learn the technical language; we had to learn how the technology worked to get our ideas represented in our application. This was tough for both of us, but we had a great team, and we all learnt from each other.

The other obstacles we had to face were the lack in receiving due respect and making our standard in the mobile payment application industry. Since both of us are young, we did not get the respect we deserved from the more matured and more estab"Being a startup, lished companies in the industry. Even the banks were reluctant to treat coming to this us with due respect. We had to push forward and status is a victory approach them to get the requirements and for us. this process took a year more than anticipated. After doing the audit and all the necessary processes, we filed the report for approval which took five months to get approved due to the unexpected Covid-19 pandemic.

We also had many barriers put up from our competitors. Since we currently only use online marketing, we have had instances saying that this application is fake and a scam. We have shown to our competitors and the banks that this is an authentic product and that we are here to stay. We overcame all these challenges because we worked as a team and never gave up.

5. Was this your first attempt at launching an App or were there any previous attempts?

We had ideas, but we did not initiate them due to various reasons. This is our first attempt, and we are happy that our first attempt itself became a huge success. We are extremely delighted about the journey advanced to arising out of all the challenges we have faced. Currently, we have around 2500 users who appreciate us for value creation.

6. Tell us a little bit about the financial aspect of this venture. How did you find the funds to make this process successful?

When we started, a company in Japan invested in this project. They invested in our innovative idea and the whole operations done to date utilise the capital we gained through that company. 100% of the developing was done internally. In the payment industry, outsourcing operations was very risky because we do not know what they might do with this confidential and important knowledge. We outsourced only the designing part of the application. We got involved with an Indonesian designer and got the application designed according to our ideas and vision.

Having an idea is not enough. Passion is the only drive to success, and this is something that I highly believe personally. We must keep at it to make our dreams successful. Hard work and investing the time it will bring you success only if you are passionate about the work you are involved in. Passion will derive you on the correct path. We are standing here because of our passion and hard work.

7. Onepay is a fairly new concept to Sri Lanka. How is the response so far? Are you getting positive responses or is the public taking longer to grasp the concept of Onepay?

Initially, when we went for negotiations, many did not believe that a single application could provide a person with all the facilities which we claim to offer. Most of the people who were at the negotiations were more matured and their technology literacy is not as of the young generation today is a massive reason for their disbelief. Convincing people in this category is tough, but when we proved that this was possible, they were amazed, and we were praised for our innovation.

In Sri Lanka, the computer, smartphone, and technological literacy are considered safe, and the young generation is mostly included in this category. In Colombo, most of the children nowadays are more tech-savvy and understand this application and how it works. However, moving out of Colombo, the literacy level keeps depreciating drastically, which became a huge challenge for us when getting through them with this application. Since this system is new, the public is finding it a bit difficult to grasp the concept.

We have currently produced only the minimum viable product to the market, which is necessary according to the rules and regulations. We have already developed new and better features that will uplift our application and let it outshine. We receive many constructive criticisms as well as positive comments. People comment on the level of speed, the user-friendliness and the colors used in the application. Some people run into trouble at their end and blame it on the applications as well. We take both the positive as well as the negative comments into account and we develop on them. We intend to improve on the areas that we lack and further improve the areas we are good at.

8. If someone wants to create and launch an App from scratch, what sort of resources and support do they need?

To develop an application, having a technological knowledge or hiring a person with this knowledge is a must for success. The finance needed to develop this product differs with the specific features and the market you choose to cater.

9. As we’ve heard, you’re a startup company. Are you satisfied with the outcome and how far you’ve come at this point? (from Mr Amila Fernando - Chief Executive Officer)

If I say that all the decisions, we have taken so far were successful, I would be deceiving. On that note, I have to say that I am happy with where we are today. Coming this far without a technological background and learning all the strings needed to be pulled is a huge accomplishment in our books. What we cultivate we get to view. This is our product. So, all the hard work we put into this is for us. I am happy to be my boss and work for myself. There is no greater freedom and mental satisfaction than that. Being a startup, coming to this status is a victory for us.

10. Do you have any ideas of launching different apps in the future or are you focused on this for now?

We currently have a financial domain. Onepay is a service within this financial domain. We can either create another service within Onepay or outside Onepay but within the financial domain. This decision depends on any changes with the fast-changing nature of technology. We intend to execute all the feasible services which will upgrade Onepay to the next level.

Our vision is to become one of the leading companies in the mobile payment industry. To achieve this, acquiring only the mobile payment industry is not just enough, but we need to be a player in the website sector. We are currently focusing on shifting to the web and balancing both the website and the application. If one were to search for an application to make an online payment or online transaction, we want Onepay to pop up as their first option. Our goal is to bring this product up to this standard.

11. How often do you make changes or improvements on the Onepay App and tell us about some of the changes/updates you’ve made since its launch?

Our main tagline is to be a payment solution provider. Our next step is to earn goodwill in Sri Lanka as a payment solution provider. Our main objective is to make our customers and prospective customers’ lives easier when making their payments and their daily activities.

Introducing an advanced payment app in Sri Lanka is a huge risk. We tried to improve our product adhering to the culture and the environment. People would not want to use a lesser quality than they are currently experiencing. Since Facebook, Instagram and various other apps have already set a high standard; we must meet those expectations if we want to become successful in this market. To achieve this, we consider every minute detail as well. We want to give our customers the best user-friendly service that they would receive from an app. That is how we plan to stay at the top.

We are currently targeting to make CA exam payments through Onepay. Since we are a startup, there is an ease of better adaptation which is quite beneficial. This gives us an edge over our competitors.

12. In terms of advertising, what sort of social media and other platform do you use to make Onepay reach your target audience?

Currently, we are only utilizing social media platforms for marketing. Mainly we are focused on Facebook and Instagram. When we approach merchants on board, call a meeting and give a proposal. In future, we are anticipating providing offers to attract more users.

Different platforms have different target markets. We extend to where we customize what we put on various platforms and the market we target. In Instagram, we publish the app’s uniqueness and on Facebook, the functionality sector is looked after. Most of the user acquisition is made through Facebook. Sometimes we advertise through the web and conduct programs to attract users. We recently had Dilantha Malagamuwa as our brand ambassador to establish the brand name. When making online transactions today, the main concerns are safety and reliability. So, we make sure we adhere to it all the time.

13. When making online transactions today, one of the main concerns are safety and reliability. How do you guarantee this to your clients and how could they clarify their doubts if they have any problems or questions regarding this?

It is not an easy task to do this. Though we have approval from higher departments, it is tough to convince a user no matter how many claims we make to support it. The best way to win the trust is by word of mouth from a person who has used the app to get a user onboard. Some banking and finance sectors are facing problems even though they have approval from the Central Bank. User reviews, approaches, comments, and feedbacks are ways we use to approach a user. When a customer uses an app like this for the first time, they may face some errors. Due to this, they do not prefer to use the app again. So, we work with extra care on these segments, especially to make sure nothing of that sort happens.

Most of the people lodge their inquiries on Facebook. We have created an environment to respond instantly. Sometimes when transactions fail, we speak to the user regarding the matter. This is how we try to effectively build a strong relationship and trust between the users and us. Initially, the payments never exceeded Rs.100/- but today from Rs.7000/- to Rs.25000/- payments are being transacted. Regularly we work with care with the users and respond quickly if there are any issues. Annually we do a security audit in PWC and submit it to the Central Bank to ensure no issue in the app. During every security audit, initially, the app is hacked and if it does get hacked, that audit will be terminated. To clarify doubts, you can make inquiries through e-mail, phone calls, or Facebook to respond promptly. So far, we have responded to all the requirements without affecting the user.

14. Do you have any ideas of approaching an International audience?

We are approaching the international audience. Usually, when tourists visit Sri Lanka, they must incur a considerable cost in exchanging foreign currency to Sri Lankan currency and back when they leave. We are currently planning a solution to allow the credit card or a debit card to be topped up by them or make payments using a QR code. It is not yet introduced, but it is on a discussion level. They can also use their credit card app to do this. They can use the app freely in an efficient manner. That is how we are planning to facilitate the international audience through Onepay. Hotel charges, fax payments, purchases, etc., can be easily made through the app. Onepay is a solution platform we are initiating globally.

15. How has the experience in CASS helped you throughout your journey? (from Mr Godfrey Vaas – Chief Financial Officer)

We have been organising the conference and many other events in CASS. I effectively collaborated in the launching of the app because I had a good exposure from CASS. Some of the members helped me out in many ways. Also, through the students' society, we had the opportunity to build contacts with many individuals. The experience I attained through CASS has given me a huge boost.

16. The concept of passive income mediums have rapidly become popular over the past few years. Are apps a way of earning a passive income? Is it a good medium for someone looking for a side hustle?

It is hard to identify this as a passive income. This is a direct income. We must give limitless efforts to get into the operations and work since we are engaging with transactions. Here we look to increase our transaction volume so that more income can be generated. We can generate income only if we create a value. We must accurately identify how we must be flexible and expand the payments being made through the app, such as water bills, electricity bills, and many more. We have already laid a step forward apart from other payment apps. Currently we are on research and development implementations which is considered as our proceeding step. We are mainly concerned with customer loyalty. Sometimes we settle complications before the customer notifies it.

We had a solution to be initiated for reserving bus tickets. Unfortunately, when we were about to implement it, the COVID-19 impact arose again. With the current situation, we should be able to prioritise ourselves accordingly. We have the potential to make quick decisions because we have less amount of employees. This is a huge strength we acquire.

17. What was the process like working with the Central Bank and getting the necessary requirements fulfilled and permission to make Onepay happen?

We first identified the problems in the market. The bank gives the developing path. From login, transactions, removing a user, edit details are all given in the guidelines. We must adhere according to it. Initially, we implement the app in a testing environment and run an audit. Once the board approves, the Central Bank connect us to the live environment. After onwards we can add accounts and this encompasses a vast process in line. There is a vast process in this line. We should know how to coordinate at instances where errors occur. To study the process also it takes time. While we work, we also study the process. The Central Bank has supported us in many ways. In the banking industry, high profile individuals are also using this app. It is a huge support for us. There are times we face problems due to age conflict. When acquiring merchants also we had problems because we had to adhere to their regulations. We must balance our connections with the bank, user, merchants then only it will be easy to work.

18. What message would you give for young innovators and entrepreneurs out there?

I believe everyone should know about technology and finance because it will be tough to carry on future work otherwise. We should not think twice to take risks and should have strong confidence. Also, if we have a passion, there is nothing impossible to do. We need to work for it. It is also crucial to motivate yourself. Today all the prominent personalities have achieved their goals because they had a passion for what they executed. We must reflect ourselves on where we will be in 5 years and motivate according to it. If we work effortfully and efficiently only, we can achieve our goals in future.

Interviewed by:

Malshi Shyamika (Keerthi Mihiripenna & Company), Surami Nethmini (Jayasinghe & Company), Ruqayyah Hameed Githma Sawandi De Silva (B. R. De Silva & Co), Kavinda Balasooriya (Ernst & Young)

Onepay Team