Mar 28, 2017 (LBO) – Sri Lankan market has showed 22 percent growth in Visa payment volumes last year, according to VisaNet Data, along with a 61 percent growth in ecommerce, the top payments technology firm said.
The company said the growth comes off the back of a number of initiatives and investments made by the company in developing the acceptance infrastructure and driving awareness around the benefits of electronic payments in the country.
Last year, payment volume on Visa credit cards increased 23 percent, while Visa debit cards were up 21 percent.
There has also been a significant increase in the overall number of Visa transactions (22 percent), with a 61 percent increase in eCommerce transactions and a 39 percent increase in international transactions.
“At Visa, we aim to accelerate the growth of electronic payments by developing the acceptance network,” Visa’s Country Manager Anthony Watson said.
“We will continue to leverage our global payments network to bring the latest payment solutions to the Sri Lankan market.”
Visa has been in Sri Lanka for the last 29 years and there has been a considerable growth in the uptake of electronic payments.
The payments industry in Sri Lanka is undergoing rapid change and the electronification of payments is marking the future of digital transactions.
Personal consumption expenditure on electronic payments however remains around 4.2 percent, which indicates there is still considerable room for growth.
Visa said in a statement that it is enabling the transition from cash to electronic payments in Sri Lanka through three key pillars.
Firstly, providing a focus on security and convenience, creating a safe and secure environment for consumers to make electronic payments and businesses to receive payments.
Secondly, continuing to innovate and introducing new forms of payment technology to accelerate the growth and adoption of digital commerce.
Finally, evolving the payments ecosystem by embracing new digital commerce players in the market and collaborating with them to create new consumer experiences that accelerate the adoption of electronic payments.
“Visa is committed to working with the government, merchants and financial institutions to continue to drive the growth and development of electronic payments across Sri Lanka,” Watson added.