Sri Lankaâ€™s mobile phone, internet payments rise fast
ECONOMYNEXT – The volume and value of internet-based transcations in Sri Lanka rose sharply in the first quarter of 2018 from a year ago, data from the central bank show.
Internet-based payments shot up 161 percent to 1.2 trillion rupees in the first quarter of 2018 from the previous year. Total internet transactions in 2017 had been 2.1 trillion rupees.
Analyst Sanjeewa Dayarathne said in a twitter comment that it was the first time the value of internet-based transactions surpassed the one trillion mark in a quarter.
“Mobile phone banking transaction value also recorded steady and strong growth during the last four quarters,” he said.
The central bank said the sharp rise in online payments reflects the growing popularity of Internet banking.
“This growing popularity may be due mainly to customer convenience, time saving benefits and various promotional measures and awareness programmes carried out by the banks to enhance the usage of Internet banking.”
The value of transactions by mobile phone shot up 211 percent to 12.6 billion rupees in the first quarter of 2018 from a year ago.
Mobile phone based payments in 2017 were 31.4 billion rupees, according to central bank payment data.
The volumes in the first quarter of 2018 were hardly changed at 927,340 compared with the previous year. A total of 3.8 million transactions were done in 2017.
There are 12 banks providing customer account based mobile payment systems and two mobile phone companies providing mobile phone based e-money systems.
Utility payments accounted for 67 percent of the value of mobile phone-based e-money transactions in the first quarter of 2018 and 89 percent of volume.
(COLOMBO, 11 September, 2018)