CrossBorder Payments is a financial technology company on a mission to improve lives and enrich communities through the use of cutting- edge technology. Rohitha Perera Founder & Chief Executive Officer, believes in his vision to improve the relationship between man and money, is at the heart of catering to the unbanked and under banked populations
“It is in this backdrop that Crossborder Payments has rolled out the “MARX” app, a one stop shop for all your financial transactional needs- a first in Sri Lanka for digital banking services and e-commerce, provides software, hardware and services that operates the entire consumer and merchant transactions relationship on the same platform enabling sending and receiving cash to and from bank accounts, bill and other payments, loyalty rewards all in a single dynamic application. Some of the new product features which will be released to the market soon are foreign remittance, booking services, online mall, lending etc. We believe that technology can help make life better for everyone and in doing so we shape a better world to our customers with our most recent venture Marx as we aim to improve the age-old relationship between man and money. “The forward-looking technology we provide allows users the power of Total Money Management with just one App, from their favorite device. As technology evolves and continues to blur the line between the physical world and our digital lives, we provide solutions that are authentic, relevant, accessible, and beneficial to everyone,” stated Perera.
He said that in addition the ‘Mark’ App also keeps a track of all payment details after you receive your pay or any other monetary gain with analytics for better financial management. “Marx is the first and only App in Sri Lanka to give you total control over your earnings, savings, whilst growing and spending your money,” he continued.
“It’s a common feeling that your paycheck leaves your bank almost as fast as it comes in and it’s too common that most of us don’t have perfect self-control, temperament and know how required for financial discipline. “Marx is a revolutionary concept that goes beyond money to deliver a next-gen, all-in-one, finance solution that gives you the power of Total Money Management within One App. Hence “Marx” user can have peace of mind that their payment habits are managed even without realizing it. MARX enables users to take control of their finances and practice financial discipline, through real time expense, and saving tracking capabilities, through any smart device of their choice,” Perera elaborated.
Perera highlighted the enabler role played by MARX, has financial inclusivity at its core. “This is evident in the user case for merchants who are new to financial technology adoption, who now have the option of tracking their finances, and managing their payments to ensure a better customer checkout experience. In addition, this service would aggregate customer behavior, which would enable merchants to run more effective customer engagement campaigns from the platform that truly enables to grow their business. Based on our market research we found out that most merchants did not have insights about their customers where there was a crying need to know customers purchasing frequency, basket size, have retention & loyalty programs and to have direct engagement with customers which is now all possible with our platform enabling a 360 view of their customers to make better business decisions,” he continued.
Digital first but not digital only, MARX will help retailers differentiate and compete by connecting every touch- point into a frictionless experience that consumers want in today’s world while enabling the most versatile innovations. From mobile to brick-and-mortar, from back office to loyalty and beyond, MARX will help retailers bridge their digital and physical operations, transforming transactions into meaningful interactions — no matter where they occur. The platform can provide customized payment solutions for instore and online with our Internet Payment Gateway which connects to Visa, MasterCard and American Express, Diners Club and Discover.
MARX will be the pioneer in the industry to integrate a loyalty point scheme in a payment system – which will be a unique feature. In addition to being a feature which will give the user a return worthy of their monetary transaction, the consumer will be able to use accumulated points for any type of payments in lieu of cash! We will be the first in the world to introduce a payment system where our App customers can combine their earned points with bank account and or credit/debit cards with our reward partner merchants. All of the above will be carried out seamlessly on MARX !
While there are already multiple payment systems, banking apps, and loyalty schemes in the market that enable one or more of these features, MARX will be the first system that integrates all of them to a single platform and operable from a single device by its users – hereby eliminating the need for a user/customer to register on multiple platforms and programmes.
“It is anticipated that MARX will be a game changer in the market and the payment industry, and with regard to user convenience and experience. MarxPay and MarxRewards will be our cobrand names that will target the merchant and customer relationship,” said Perera.
He said the Central Bank of Sri Lanka (CBSL) at present is engaged in an island wide drive to promote digital transactions. “This would underpin the broader market to adopt financial technology at an expedited rate, thus creating a more symmetric, transparent and an equitable financial market. MARX provides an end to end solution encompassing both hardware and software components, which enables first time users to experience a seamless service. He further stated “This will also help to reduce the unbanked population who used unconventional methods for doing business. Digital payment adoption is taking place at a rapid rate, and is positively correlated with a country’s economic growth. The decade of 2020’s would be an inflection point in digital payment adoption, where digital payments would overtake physical cash. In support of Central Bank of Sri Lanka digital payments roadmap we will be running a series of campaigns promoting the LankaQR payment method with bill wipe out campaigns, cash backs, special offers etc.
Commenting on loyalty he said, “MARX Rewards is our way of saying how much we value you. As a member of MARX Circle, you can enjoy many exclusive benefits, all designed around the ways when you transact. There are six tiers in the Marx Rewards programme – Marx Member, Bronze, Silver, Gold, Platinum and Ambassador where the users tier is based on the qualifying spend in real time transactions. Every rupee is a piece of you and this is how we say thank you by rewarding life for payments.” MARX will be a game changer in the market and the payments industry, giving the user convenience and a good customer experience. He said that Marx was launched two weeks ago and they are overwhelmed by the positive response they received both from consumers and businesses in such a short time.
a short time. Providing cutting-edge technology based financial innovations is already changing lives of both businesses and users enriching communities for a better world that has more convenience and less fraud. CrossBorder Payments Pvt Ltd is headquartered at World Trade Center, Colombo 01. More details could be obtained from, support@marx.lk or call them on 0115900900 or 0777776633.
