Business
Visa sees 35%+ surge in debit card spends; trend expected to continue in the upcoming Avurudu season
Out of the total domestic spends on debit cards, the share of in-store spending is 7 times that of ecommerce.
Last holiday season saw over 20% growth in Visa debit transactions vis-à-vis 2022
Visa (NYSE: V), the global leader in digital payments, today announced that Visa debit card spends saw a significant increase of over 35% in the past year, indicating healthy growth of digital payments in Sri Lanka. This increase is buoyed by a 30%+ increase in face-to-face spends and over 40% increase in ecommerce spends.
As the Tamil & Sinhala New Year celebrations commence in the country, retail transactions are picking up with more active shoppers during the festive period. Consumers are increasingly paying by debit card, opting for safer, simpler and more convenient transactions.
Avanthi Colombage, Country Manager – Sri Lanka and Maldives said, “We are excited to see the jump in debit card usage by consumers in Sri Lanka lately. While this is skewed towards in-store spends, ecommerce growth too has been heartening and we expect this momentum to continue during the Sinhala and Tamil New Year. We also saw a robust over 35% growth in debit spends in 2023 over 2022, in the year-ending holiday season. This festive season too, we believe cardholders will gravitate towards secure and faster ways to pay like tapping or dipping their cards. We have also been working closely with our issuing and acquiring partners to boost card usage and its acceptance, so that consumers can use their Visa cards anytime anywhere – conveniently, easily and safely.”
Recent data by Visa Consulting & Analytics shows that Visa debit cards have largely been used at face-to-face or ‘in-store’ channels like merchant outlets and shops. Proportion of instore spend of the overall domestic debit card usage is 7 times of what is spent on ecommerce. The top in-store categories where consumers shopped have been Food and Grocery, Apparel, Fuel and Restaurants. Ecommerce spending was mostly for telecom and utility services, education, government payments and insurance.
Avanthi Colombage points out, “This indicates the rising usage of debit cards, one of the most familiar, simple and quick ways to pay digitally. Geographically, we saw urban centres such as Colombo and Gampaha recording over 50% of in-store transactions. We are working with partners to create regional roadshows beyond the western province to increase awareness of debit cards among consumers and merchants.”
This increase in debit card usage among Sri Lankans is seen in many developing countries as more consumers are opting for a seamless and secure payment experience with cards vis-à-vis using cash.
With the promising growth in tourism as well, digital transactions by tourists also played an important role in increased spends. Compared to 2022, Visa data shows that the share of tourism in total cross-border spends during the holiday season grew by 15 percentage points. In terms of volume and value both, tourism-related spends have increased by over 100% on Visa credentials”, confirms Avanthi Colombage.
Visa further shared that over 50% of tourism-related spends in Sri Lanka came from the USA, India, UK, UAE and Australia. Tourists have spent largely on lodging and retail goods, which contributed to over 60% of tourism spends during the holiday season.
“We are committed towards raising awareness of the benefits of using debit cards for safety and ease of use” says Avanthi Colombage. Visa has tied up with its clients and conducted awareness initiatives for merchants on debit cards, as well as promotional activities, cash back offers and discounts for Visa cardholders. It is also focusing on increasing the acceptance of Visa cards and digital transactions across Sri Lanka.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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