The Digital Commerce market in Sri Lanka is projected to grow by 19.08% (2023-2027) resulting in a market volume of US$7.60 bn in 2027.
Country Manager for Visa in Sri Lanka and Maldives Avanthi Colombage, said that with internet users in the country increasing from 30% in 2018 to 51% they expect a rise in ecommerce as on the back of higher awareness and adoption of online payments.
“Post pandemic we have noted that debit cards have become one of the most familiar forms of paying for Sri Lankans and during the festive season, visiting ATMs may be difficult and carrying cash may not always be safe.”
As a global trusted leader in digital payments, Visa is focused to ensure the growth of this digital commerce ecosystem and has taken several meaningful steps in this regard.
“One of the key trends we are observing this season is the shift in consumer behavior – in terms of how they pay for retail purchases – move towards contactless.
Given the convenience of contactless payments, Sri Lankans now simply tap their cards to pay while checking out at a retail store, without the hassles of carrying cash, making the shopping experience even more convenient and rewarding.
Another trend that we expect to see this season is the rise in ecommerce, as more consumers opt to shop online to avoid crowds and enjoy the convenience of home delivery.
We believe tap to pay is a game changer and definitely here to stay. Once consumers experience its convenience, especially in stores with long queues or when they’ve fumbled for change in cash before, they understand that this is faster and safer than cash. We continue to engage with retail partners and banks on increasing awareness of the benefits of contactless payments to create a smooth consumer experience in-store.”
“The country has witnessed a remarkable recovery in tourism with an unprecedented surge in foreign tourist arrivals, a 153% increase last month, after a 159.8% jump in October, signaling a robust start to the peak tourism season and in response to the favorable conditions in the country.
With visas now free of charge for countries like India, China, Russia and others, we expect a further boost to tourism. Today’s savvy traveller looks for experiential travel beyond hotspots, seeking connections with the local community and culture and ‘authentic’ experiences, away from common tourist attractions. So while segments like travel, hospitality and tourist hotspots are up the curve, we are now helping smaller merchants, in and outside urban areas, accept Visa cards, including foreign issued Visa cards.”
“The market is growing and we are creating opportunities for merchants to ride the tourism wave, accept cashless payments and grow their businesses. Visa has been deeply committed to Sri Lanka’s payments ecosystem and its growth for over 35 years and to add to the season’s festivities, Visa is also running a “Bill Wipe Out” campaign at the Colombo City Centre (CCC) where we will choose 33 customers to have their bills fully reimbursed, if they make purchases using Visa debit cards.”
