Visa’s effective partnerships drive digitisation, economic growth

Sri Lanka’s cashless journey has accelerated greatly, buoyed by increasing internet penetration and a projected US $ 2.8 billion ecommerce market by 2024. 

For over 37 years, Visa has championed digital payments and financial inclusion, collaborating with banks, consumers and businesses in Sri Lanka’s economic landscape.

Visa Country Manager Sri Lanka and Maldives Avanthi Colombage emphasised, “Visa is committed to support the cashless Sri Lanka vision, partnering with the government and financial ecosystem to provide best-in-class payment solutions with the trust and simplicity inherent to Visa.”

Through strategic collaborations and innovation, Visa enhances payment experiences with contactless payments, seamless online experiences, etc. With Visa Infinite, it provides exclusive experiences to consumers, aligned with their lifestyle and spending habits. Visa’s security-first digitisation solutions have transformed small businesses, boosting revenue and sustainability, so entrepreneurs can compete and thrive in a digital-first environment.

Globally, Visa has invested US $ 12 billion in security over the past five years to combat fraud. As scams grow along-side digitisation, its responsible AI approach enhances cybersecurity and its robust dispute resolution processes simplify chargebacks on suspicious transactions, ensuring consumer trust remains paramount.

Visa actively supports women entrepreneurs with initiatives, tools and opportunities, breaking down barriers and fostering financial inclusion. With a 33 percent female labour force participation, there is significant potential to accelerate their economic contribution.

Visa also keenly promotes tourism through partnerships and innovation, reinforcing the country as a prime travel destination.

As Colombage reiterated, “We remain committed to accelerate Sri Lanka’s digital transformation. We aim to empower businesses and consumers through key partnerships, both private and public, to embrace a more connected, efficient and secure future. Together with the ecosystem, we can create a brighter, more prosperous tomorrow for everyone.”