“Visa” expresses confidence in recovery and growth of Sri Lanka, especially tourism

• Identifies SMEs-heavy tourism as a key sector to bolster revival and stresses for continuous improvement digital infrastructure

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Global leader in digital payments Visa yesterday expressed confidence in the recovery and growth of Sri Lanka as a market especially with improvement in tourist arrivals.

The optimism was shared by Visa Asia Pacific Senior Vice President Head of Risk Joe Cunningham during an interaction with journalists in Colombo.

He said recovery envisaged in the second half was critical for businesses as they look for ways to become more resilient.

Visa identified tourism as a key sector that could spur revival and emphasised that increase in arrivals should be bolstered by safe and secure digital payments.

“Sri Lanka has always been a popular holiday destination for Asian and other tourists, and is set to regain its status as one,” said Cunningham acknowledging its significant contribution to the economy in terms of foreign exchange earnings and livelihood.

“Tourists predominantly create experiences and memories – partaking in the local culture, cuisine etc., or go shopping. To make the entire holiday experience memorable, it’s critical to have seamless, secure and simple payments,” said the Visa Asia Pacific’s Senior Vice President.

He said that businesses should be able to provide a variety of payment options as consumers are accustomed to, in their home countries – be it cards, tap and pay/contactless payments, QR code payments, online/ecommerce payments etc.

It was pointed out that investment in digital infrastructure is key to boost tourists and revenue.

“The ecosystem must invest in and enhance digital infrastructure. Smooth and secure payments go a long way in winning consumer trust, especially with tourists unfamiliar with Sri Lanka,” said Cunningham, adding that such initiatives will make consumers confident about in-store purchase experiences and aid positive sentiment for the country.

“Transforming Sri Lanka into a technologically adept society is essential to aid recovery,” he said, adding that over 1 million SMEs accounting for approximately 75% of all businesses contribute up to 52% of the GDP and 45% of employment.

“Increased tourism complemented with robust payments infrastructure will aid the recovery of SMEs which is the backbone of Sri Lanka’s economy,” the Visa Asia Pacific’s Senior Vice President emphasised.

Source: Global digital payments giant Visa expresses confidence in recovery and growth of Sri Lanka | Daily FT