Digital Payments Industry in Sri Lanka

Digital payment industry in Sri Lanka, is growing rapidly. Lanka clear is in the process of establishing Sri Lanka own payment gateway with a Japanese vendor. Lanka clear plans to increase acceptance for the locally develop card as VISA and master cards demands higher transaction cost. Now the VISA and MASTER cards are the most prominent digital payment gateways mostly used by Sri Lankans.

While this development is happening, VISA card strengthening its operation in Sri Lanka. Digital payment powerhouse Visa said Sri Lanka was experiencing rapid growth in electronic transactions.  Further, Expected payment value to exceed Rs. 300 billion by the end of this year, by making the country one of the largest cash displacement opportunities in South Asia.

  • About 19.5 million credit and debit cards in use, SL one of the largest cashless countries in South Asia   

Market Size of Digital Payments Industry in Sri Lanka

Currently, Overall number of credit and debit cards is 19.5 million with 44,832 point of sales (POS) devices island wide. In terms of value, these cards did Rs. 290 billion worth of transactions excluding POS and ATM withdrawals in 2016.   we are confident the amount will exceed Rs. 300 billion in 2017

What are the growth drivers of digital payment in Sri Lanka

It was noted that personal consumption expenditure (PCE) on electronic payments remains at a very low level of 4.2%, which indicates that the future potential in Sri Lanka is great. Greater accessibility was critical for Sri Lanka, noting that there was significant potential for expanding access to cashless transactions and for greater engagement with SMEs across the country.

The digital transformation is bringing Sri Lankans closer to one another. The future lies in combining technology and access. Let’s make the most of the digital commerce to empower more opportunities across many industries and to leap towards a cashless, sustainable economy.

Source : DailyFT / Sparkwinn Research 

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