Visa introduces P2P to Sri Lanka powering cashless personal payments | Sunday Observer

Visa introduces P2P to Sri Lanka powering cashless personal payments

19 June, 2022

Colombo, June 13th, 2022 – Visa Inc. (NYSE: V), has today announced the launch of Person to Person (P2P) payments in Sri Lanka, enabling consumers to both make and receive payments digitally, from one person to another in real-time.

In the post-pandemic world, digital transactions are growing through multiple platforms, the value of which is projected to reach $5317 million in 2022. Cashless service delivery levels are being transformed through enabling real time digital access across payment gateways and smart devices. In line with the effortsof the regulator to drive digital transactions, the new service from Visa enables card to card transactions with speed, security and convenience for the user. The P2P facility enables consumers to use Visa Direct and make payments directly to another Visa card using card credentials. This helps them manage digital money transfers safely and efficiently between two parties i.e. two consumers in real-time^. It also provides greater mobility and enhanced access to cashless payments across various segments. Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa said, ““Visa always strives to make money movement simpler and more transparent, as a network working for everyone. We are excited to announce that we now have the technology in Sri Lanka to enable our Sri Lankan Visa cardholders to make domestic, person-to-person (P2P) payments from one account to another using their Visa credentials.”

The wide potential of use cases with this Visa Direct solution could enable and enhance bank-to-bank transfers, credit card bill payments, usage on digital wallets,transfers on social media and bulk fund disbursements in the near future. We think this will be truly transformational to the way the people of Sri Lanka will pay and be paid.”