Five Years of Innovation: Marx – CrossBorder Payments Paves the Way for a Cashless Sri Lanka

Five Years of Innovation: Marx – CrossBorder Payments Paves the Way for a Cashless Sri Lanka

CrossBorder Payments (Pvt) Ltd which operates under the brand name marx, is a leading force in Sri Lanka’s fintech landscape, celebrates a path of creativity, resiliency, and revolutionary influence as it proudly marks its fifth anniversary. Since its inception, the company has transformed from a promising startup to a trailblazing fintech leader, enabling companies of all sizes and propelling the country’s digital payment revolution.

Reflecting on this milestone, CEO of Marx CrossBorder Payments, Rohitha Perera stated, “Digital transformation is no longer a luxury; it is a necessity. While Sri Lanka stays mainly cash-driven, the worldwide economy is moving swiftly towards digital transactions. Marx CrossBorder Payments is dedicated to closing this gap by offering creative, easily accessible, and inclusive payment solutions. Our all-in-one point-of-sale system, the first of its kind in the world, will revolutionize trading & commerce will be done in Sri Lanka and making sure that SMEs, who is the foundation of our economy, have the resources they need to prosper in a world that prioritizes digital transactions.

Marx CrossBorder Payments has led the way in digital innovation for the last five years and has been essential to the country’s transition in building a cashless society. The company has received numerous honors, such as the National ICT Awards (2022, 2023, 2024), the Innovate Lanka Awards (2022), the South Asia Startup ICT Award 2023 (Top 5), and a nomination for the Asia Pacific ICT Alliance Awards in 2023. These accomplishments demonstrate its steadfast dedication to technology innovation and financial inclusion.

The company has created an all-in-one point-of-sale (POS) solution that transforms any iOS or Android device into a potent sales system, taking into account the particular difficulties faced by SMEs that required high investments for such technologies to automate their stores. Eight local and international payment methods are integrated into this ground-breaking technology, providing small enterprises with the same technological advantages as major retailers. Customers can view their earned and redeemed rewards which will be largest open loop loyaty based program, rebates, and discounts in real time on a single platform thanks to the company’s AI-powered loyalty program that will be individually rewarded, in order to encourages digital purchases in making Sri Lanka a cash free society.

Rohitha Perera also stated. “Leveling the playing field is our goal. SMEs in Sri Lanka frequently face challenges with customer retention and visibility. Our AI-powered loyalty program and smooth point-of-sale system allow businesses to run effectively while guaranteeing that every transaction adds value for customers. This is how business will develop in the future, and we are honored to be in the forefront.”

Marx CrossBorder Payments is also launching MarxDine, a smart restaurant QR menu and table booking system intended to simplify dining experiences, as part of its forward-thinking strategy to support the governments initiatives for the tourism sector for economic growth. Global figures show how quickly the food and beverage sector is adopting digital technologies. 88% of restaurants have thought about implementing digital menus, and a noteworthy 45% of customers now prefer to browse and place orders using smartphones. Furthermore, even after the pandemic, 74% of those surveyed said they want to keep using contactless payments. With 75% actively using digital innovations to improve productivity and 92% integrating QR menus alongside regular ones, restaurants are responding appropriately. The benefits are obvious—it has been demonstrated that QR code ordering systems alone can cut costs by as much as 30% because they demand less manpower and require fewer menu updates. With MarxDine positioned as a solution that
improves operational efficiency and customer interaction, these developments highlight the F&B industry’s need for digital transformation.

In line with Sri Lanka’s national fintech objectives, Marx CrossBorder Payments is dedicated to promoting financial inclusivity and the implementation of LANKAQR. The company is significantly contributing to the nation’s rapid digital adoption by providing businesses with state-of-the-art solutions.

Though international trends show an irreversible transition towards digital payments, Sri Lanka still relies significantly on cash transactions. Financial technology solutions are being actively promoted by the government, which has recognized this necessity. By utilizing these initiatives, Marx CrossBorder Payments keeps empowering both consumers and businesses by streamlining transactions while maintaining ease and security.

In the future, Marx CrossBorder Payments plans to launch its MPOS solutions, which are specifically made for SMEs in the retail and tourism sectors. At the national level, these developments will promote economic growth and digital transformation by placing smaller retailers on an equal footing with larger companies.

Rohitha Perera further declared, “We are not merely seeing the future; we are creating it. In addition to facilitating smooth transactions, our state-of-the-art fintech technologies are revolutionizing business practices in Sri Lanka. This is only the start.”

For more details on Marx CrossBorder Payments and its revolutionary innovations, visit www.marx.lk and www.marxdine.com.

Image Caption- Marx – CrossBorder Payments members receiving an award for their excellence.