Contactless Payment Cards help Sri Lanka go cashless | Sunday Observer

Contactless Payment Cards help Sri Lanka go cashless

Sri Lanka’s digital payment landscape has been registering a tremendous growth, fuelled by more consumers choosing to shop on line and engage in e-commerce.

According to Country Manager for Sri Lanka and the Maldives – Visa International, Anthony Watson, Sri Lanka has seen the e-commerce segment expand with a growth of 34 percent for year on year, as at July 2018.

“This is mainly due to consumers wanting to adopt new technology and gaining a wider acceptance of digital payments; consumer confidence in the security of on-line payments is also growing,” Watson said adding that Visa understands and is responsive to changing consumer behavior on line.

While digital payments have grown, embracing of new technology, face to face transactions have also become relevant for consumers as people seek faster, easier and more convenient forms of payments. “Which is one of the key reasons why contactless cards have been received by consumers who have experienced convenience first hand,” he added.

According to Group Country Manager, India and South Asia, Visa, TR Ramachandran, “While today citizens have a plethora of digital payment methods to choose from, the failure to provide a seamless payment experience by most of these systems drives people back to using cash. By simplifying payments to a mere tap, which is not only seamless, quick and secured but also as intuitive as exchanging cash, contactless cards can increase stickiness among customers.” All over the world, contactless cards are changing the financial environment, helping consumers go cashless; as the name suggests, contactless payment cards let users make payments with a mere tap at the PoS terminal.