The UPay Payments Platform is being acquired by Sanasa Development Bank PLC. [“SDB”], a licensed specialised bank approved by the Central Bank of Sri Lanka. It is anticipated that the acquisition will be completed by the 10th of June 2019. While the ‘UPay’ brand name will remain, the entirety of the operation and ownership of the platform will be taken over by SDB upon completion of the acquisition. Payment Services (Pvt) Ltd. is working closely with SDB to ensure a smooth transition and continuity in the operation of the payment platform. There may however be temporary interruptions and disruptions to the UPay services during the process of migration of operations from Payment Services to SDB. We sincerely regret any inconvenience that may be caused to you in this regard.
We take this opportunity to thank you for your patronage of the UPay Platform and hope that you will continue to use the platform under its new management.
Immediately upon the completion of the acquisition of the UPay Platform by Sanasa Development Bank PLC, all the rights, obligations and liabilities of Payment Services (Pvt) Ltd. under the User Agreement entered into by you when you registered to use the UPay Platform will be assigned to Sanasa Development Bank PLC in terms of Clause 7.6 of the said User Agreement. No further notice of assignment will be given by Payment Services (Pvt) Ltd. Upon the assignment becoming effective, the User Agreement will be revised accordingly, and the revised version will be accessible on the UPay website and application. All your rights and obligations under the User Agreement remain unchanged. The obligations of Payment Services (Pvt) Ltd. under the User Agreement shall cease and terminate immediately upon the assignment taking effect. All of Payment Services (Pvt) Ltd.’s obligations under the User Agreement shall thereupon be assumed and fulfilled by Sanasa Development Bank PLC, as assignee.
PAYMENT SERVICES (PVT) LTD.