Visa to promote digital access and digital and financial literacy across rural communities in Sri Lanka

Visa to promote digital access and digital and financial literacy across rural communities in Sri Lanka

The global leader in digital payments technology, Visa, has reportedly announced initiatives to promote digital access and digital and financial literacy across rural communities in Sri Lanka in order to celebrate the company’s milestone of completing 30 years of operations in the island nation.
According to reports, Visa is to engage in promoting digital access and digital and financial literacy across rural communities through its collaboration with Sarvodaya Fusion.
Visa will also be sending 30 three-wheelers across the country to promote the simplicity and value digital payments bring about for everyday lives, helping everyday Sri Lankans realise the true potential of going digital.
“Over the past 30 years we have been able to forge strong partnerships with Sri Lanka’s financial institutions, partners and merchants in empowering and facilitating digital payment solutions,” Visa Asia Pacific Regional President, Chris Clark has been quoted as saying in the local media.
“It gives us immense pride to see Visa now firmly established as the leading digital solution for commerce in the country. Through the initiatives announced today, we reinforce our commitment to further build awareness and acceptance for digital payments across Sri Lanka.”
reports further state that Visa will be partnering with Sarvodaya Fusion, the community-based development organisation network, in a three-phased program to inform, engage and educate consumers and businesses across Sri Lanka about the benefits of transitioning to a digital platform.
Meanwhile, the three-wheeler initiative on digital payments will witness Visa’s clients including banks, merchants and technology partners joining hands in a coordinated effort to inform and influence audiences across 30 towns and cities across the country.
“From EMV pin-based cards to state-of-the-art contactless technology-based cards, Visa has continued to be at the forefront of driving innovation in the market. With the rapid evolution of digital payments in Sri Lanka, we are excited about the potential for digital payments in the country for years to come,” Visa Group India and South Asia Country Manager, T.R. Ramachandran has been quoted as saying in the media.
As a large cash-based economy, Sri Lanka has been making rapid strides in transitioning towards a digital economy.
Identifying the huge potential for digital payments in Sri Lanka, in 2016 Visa opened its first office in the country and has since continued to expand its footprint along with its clients and merchant partners.

OSL take:

The announcement by Visa that it would promote digital access and digital and financial literacy across rural communities in Sri Lanka indicates the market potential for digital payment platforms in the country. Sri Lanka is in the process of transforming from a cash based economy towards a digital economy. Hence, this would create opportunities for those providing solutions/options of digital payment platforms to introduce their products to the local market.

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Article Code : VBS/AT/11042018/Z_3

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