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Visa says cashless transactions can boost Sri Lanka growth

ECONOMYNEXT – Visa Inc, an international payments company said Sri Lanka can boost economic growth by moving to cashless transactions.

"For instance, Colombo, with a population of 694,000 and GDP (gross domestic product) of 6.5 billion US dollar could alone gain 200 million US dollars annually in net benefits by transitioning into a digital economy," Visa said.

"The estimated catalytic impacts for the city over the next 15 years includes a  20.4 basis point increase in GDP growth rate and 2.1% increase in employment.

Visa claimed it had market leadership in Sri Lanka in payment cards.

Sri Lankan banks have been issuing Visa credit and debit cards since 1988.

Visa opened its first office in Sri Lanka in 2016 and is now associated with 29 banks and nine finance companies that offer Visa’s debit, credit, commercial and prepaid services.

"The progressive approach to the payments industry adopted by the Central Bank of Sri Lanka has been critical in this journey," Visa’s Country Manager for Sri Lanka and Maldives, Anthony Watson, said.

In April 2018, Visa celebrates 30 years of operations in Sri Lanka and is partnering Sarvodaya Fusion, an NGO, to send 30 three-wheelers across the country to promote the simplicity and value digital payments have on everyday lives.

"With the rapid evolution of digital payments in Sri Lanka, we are excited about the potential for digital payments in the country for years to come,” said Visa Group India and South Asia Country Manager T.R. Ramachandran. (COLOMBO, 09 Monday, 2018)





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