Sri Lanka is the second fastest growing market in South Asia for VISA

•                  Sri Lanka has become the 2^nd fastest growing market for VISA South Asia.
•          Sri Lanka’s mobile phone penetration is at 92% and there are over four million internet users with mobile internet via smart phones, registering phenomenal growth

Last year Visa, the global leader in payments technology, saw a 22% volume growth in Sri Lanka and a higher growth momentum is continuing so far in 2017. As per Central Bank data, last year nearly 70,000 transactions were conducted by the country’s base of debit and credit cards, as against 57,000 in 2015. In terms of value, these cards did Rs. 290 billion worth of transactions, up by 22% from Rs. 237 billion in 2015.

Visa Sri Lanka and Maldives Country Manager Anthony Watson told the Daily FT that the biggest volume growth was coming from the travel and airline sector, which has reported a 30% increase year-on-year in June. This momentum in fact prompted Visa to partner SriLankan Airlines and Standard Chartered Bank to unveil the national carrier’s biggest ever promotion of up to a maximum of two free tickets for online bookings.

Last year, payment volume on Visa credit cards increased 23%, while Visa debit cards were up 21%. There has also been a significant increase in the overall number of Visa transactions (22%), with a 61% increase in ecommerce transactions, of which half is via mobile phones, and there is a 39% increase in international transactions. Overall cards in force saw a 12% growth.

The overall number of credit and debit cards in the market is estimated at around 17 million.

According to Anthony Watson - ‎Country Manager Sri Lanka and Maldives at Visa, the impressive growth comes on the back of a number of initiatives and investments made by Visa in developing acceptance infrastructure and driving awareness over the benefits of electronic payments in the country.

He said that with the increased security provided and smart phones being affordable and gaining popularity, more Lankans are making digital payments. Sri Lanka’s mobile phone penetration is at 92% and there are over four million internet users with mobile internet via smart phones, registering phenomenal growth.

“Initiatives and investments made by Visa in developing the acceptance infrastructure and driving awareness around digital payments have helped fuel growth,” Watson added. “More people are taking advantage of the convenience to shop online,” he added.