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Last Updated : 2024-04-26 15:05:00
Every new Visa card issued in Sri Lanka from October this year will be payWave-enabled, Visa’s Asia Pacific Head of Risk Joe Cunningham told Mirror Business yesterday.
In an interview after the Joint Payment Card Industry Association of Sri Lanka (PCIASL) and Visa Conference in Colombo, Cunningham discussed Visa’s two key developments in Sri Lanka—its move to gradually replace all existing Visa cards with payWave-enabled ones over the next 3 years and the growth of e-commerce in Sri Lanka.
“The economic impacts of e-commerce are dramatic,” Cunningham said.
“E-commerce is an amazing opportunity for Sri Lankan merchants to grow their businesses—instead of having a market limited to the population of 22 million, they’ll be opening up their market to the entire population of active consumers on the web."
Cunningham also emphasised that Visa’s focus on security and risk management was essential to responsible innovation.
He said the company was introducing new technology to improve the security of the e-commerce system, while also focusing on ensuring cardholders were vigilant when using their cards online while being able to maintain a lot of trust and confidence in the payment system.
He also pointed out that merchants too needed to think about the types of tools they use to protect themselves.
“Risk Management is about protecting the ecosystem of Visa. We have a network of 3.2 billion Visa cards in circulation around the world, 44 million merchants and 17,000 banks in between,” Cunningham said.
“We have a huge obligation to protect the security and integrity of that network.”
Cunningham underscored that global security standards were key to maintaining an internationally secure payment system and Sri Lanka’s integration into this system would be essential to continuing and enhancing security worldwide. (Tilini Rajapaksa)
Mandy Friday, 23 March 2018 12:08 PM
Very good. In most countries like UK Aus NZ where this is the norm for many years past, there is a limit of about $75-80 per transaction as higher amounts need pin or signature.So in SL it may be about Rs. 5000 considering our purchase power.
GMX Friday, 23 March 2018 03:53 PM
PayWave is already implemented in some major banks and for those cards PayWave is actually at LKR 5000 limit for basic local cards and then upto around LKR 25000 depending on the card grade and fact that the card is credit / debit. User may increase the amount by requesting the branch. Machine holder (merchant) also have a limit for security purpose and this limit is increased when the merchant requests the bank and when bank is satisfied the reason is legit. On fallback due to exceeding the transaction limit via PayWave, machine asks to swipe or insert the card.
Lankan Friday, 23 March 2018 04:37 PM
Thank God. This will save lots of time for everyone
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