June 24, 2008 (LBO) – Sri Lanka’s ABC Group says its tri-lingual credit card is gaining popularity, especially in rural areas, and consumers are relying more on credit with inflation soaring to 30 percent. Garment sector employees and rural youth apply for the card owing to its tri-lingual facility and ease of use, says Orville Pereira managing director, ABC Credit Card Company.
Credit card usage is on the increase since people prefer to use credit cards for daily purchases owing to high inflation, and save money for emergencies.
“Our volume of business has increased,” Pereira told LBO at the appointment of a brand ambassador for the credit card.
The company appointed cricketer T M Dilshan from Sri Lanka’s national team as the official ambassador for ABC credit cards.
At present, close to ten million rupees in transactions are conducted per month, using the ABC credit card which is accepted at major supermarkets and 2,500 other vendors throughout the island.
“Inflation is higher and people find it difficult to spend money; they use the credit card for daily purchases and save money (for emergencies),” Pereira said.
In Sri Lanka inflation is at the highest level in its history