SL makes double digit growth in digital payments
View(s):Sri Lanka has made double digit growth in digital payments which is a substantial increase since the arrival of Visa to the country 30 years back.
Announcing this at a media briefing in Colombo at the Galle Face Hotel on Thursday, Visa International Sri Lanka and Maldives Country Manager Anthony Watson said that the growth in digital payments had increased substantially over the years and achieved double digit growth in the country.
Asia Pacific Regional President Chris Clark said that since the Colombo office opened in 2016 they were able to build leadership and retain partners built up over the years.
Through the Visa chip cards and contactless payment system, he said “We are going to drive digital payments on the island.”
India and South Asia Group Country Manager T. R. Ramachandran said that with card payments accepted in only specific locations, today the Visa International wants to ensure that these transactions would become a possibility even in small rural areas.
It has been found that following a recent study by Visa on cashless cities, Colombo with a population of about 700,000 and a GDP of US$6.5 billion could alone gain $200 million annual net benefits by transitioning into a digital economy.
He pointed out that it was innovation that was the reason for Visa’s success with its market defining products like chip based card and the contactless card.
As part of a promotional drive, 30 three wheelers will travel the length and breadth of the island creating awareness of digital payments and the use of the Visa cards.
Visa has also partnered with Sarvodaya Fusion, the community based development organization network, in a three-phased programme to inform, engage and educate consumers and businesses around the country of the benefits of transitioning to a digital platform.
In this respect, the three wheeler initiative on digital payments would witness Visa’s clients including banks, merchants and technology partners joining hands in a coordinated effort to inform and influence audiences across 30 towns and cities across the country.
When Visa commenced its operations in Sri Lanka back in 1988, Bank of Ceylon was the first bank to adopt Visa for its cards; and today it is associated with 29 banks and nine finance companies offering debit, credit, commercial and prepaid services.
(SD)