Cashless economy reflects a country’s financial literacy
With Sri Lanka on the drive towards digital transformation and with tourism booming hand-in-hand, the country’s financial literacy can only be reflected through a cashless economy, says Stephen Karpin, Regional President, Asia Pacific, Visa.
Attending an event last week to sign an MoU between Visa and the Sri Lanka Tourism Promotion Bureau (SLTPB) held at the Courtyard by Marriott Hotel in Colombo, Mr. Karpin made these remarks.
He said, “It is a strategic MoU between Visa and SLTPB to help drive the country’s economy through tourism. Tourism is an integral part of Sri Lanka’s economic growth and this partnership would elevate Sri Lanka’s status to the top tier in the global destination for tourism while also boosting the MICE tourism. The partnership will also help Sri Lanka focus on digitising payments with seamless, secure and cashless experience to travel.” In the tourism sector cashless payment acceptance helps in branding and promotions. A cashless economy reflects a country’s financial literacy, he added.
He also mentioned that Visa is dedicated to advancing Sri Lanka’s vision to transition to a less cash, digitised economy. “We have also provided solutions to help the Sri Lankan government in digitising some of the government processes in the payment platforms. We are also working with the Ministry of Digital Economy and our banking partners. We have streamlined citizen payments for services such as utility bills, licence renewals, taxes and expressway tolls.”
Underscoring its commitment to boosting tourism in Sri Lanka, Visa hosted its Asia Pacific Leadership Summit in Colombo. The summit reflects Visa’s intent to strengthen its collaboration with Sri Lankan stakeholders across tourism and digitisation of the economy. Visa has been a long-standing ally in enhancing Sri Lanka’s tourism ecosystem. It continues to invest in influencer-led campaigns targetting travellers, merchant education and branding initiatives to improve digital payments’ adoption in tourist zones.
To promote financial inclusion in Sri Lanka, Visa has invested in empowering youth and women led micro and small businesses in partnership with the Ceylon Chamber of Commerce, financial literacy workshops for women-owned businesses in Monaragala, and tech education initiatives with SOS Children’s Villages and BCS Sri Lanka. Visa also brings innovations like contactless payments, wearables, and Al-driven cybersecurity tools in partnership with its banking partners in the country.
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