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Enabling SME sector in Sri Lanka to digitize payments can accelerate economic growth – Visa

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As Sri Lanka focuses on economic recovery, transforming the digital payment landscape for businesses will be a strategic area to consolidate growth, says Avanthi Colombage, Country Manager for Visa in Sri Lanka and Maldives.

Visa, a global leader in digital payments, believes that unlocking the potential that digitizing payments can offer to the SME (Small and Midsize Enterprise) or small business sector in Sri Lanka has the ability to accelerate the economy and drive growth.

While Sri Lanka’s digital payments ecosystem is estimated to reach $7 billion in 2023, this is a small portion of all consumer spends, otherwise called digital PCE (personal consumption expenditure). While cards have grown to 21.2 million (May ’23), there lies a tremendous opportunity for digital payments to grow and empower communities with their inherent ease of use and transaction safety, says Avanthi.

In the past few years, Visa has enhanced the seamless, cashless transaction experience for consumers everywhere with innovative digital technology like contactless payments and tap to phone.

“Now, empowering the SME sector with the right tools and infrastructure to make and receive digital payments would uplift businesses and help drive the economy in the right direction. At Visa, we continually engage with SMEs, empowering them through our ecosystem partners such as banks and fintech solution providers. For the SME sector in Sri Lanka, enabling comprehensive digital payment acceptance would mean less operational cost, greater efficiency, and a positive customer experience, all improving the potential of business tremendously.” She adds.

Today digital payment acceptance is not restricted to only the entrenched POS and mPOS devices, where one can tap or dip a credit or debit card to pay. In addition to these highly proliferated forms, many emerging payment forms can give small businesses a stimulus towards greater acceptance and engagement with consumers, both domestic and tourists.

Of these, QR code-based payments are a great, asset-light way for merchants (retailers and service providers alike) to take the first step into the digital payments ambit. “Without investing heavily in devices or infrastructure, merchants can use QR codes to accept payments from customers who save their Visa card credentials securely on their smartphones,” said Avanthi. When the QR code is shown to a consumer, they can scan it and use their digitally stored Visa details to pay without any hassle. A few banks in Sri Lanka already offer this facility to their Visa cardholders and this also allows for tourists to use their devices to pay for goods or services.

Tap to phone is another innovative yet simple method that promotes digital inclusivity and reduces the use and need of paper receipts. This allows the merchant to use their own smartphone to accept payments from consumers, enabled by contactless technology. Here, the shopper can pay a merchant by tapping their contactless Visa card on the merchant’s smartphone. There are significant benefits for small businesses with these totally contactless transactions – saving time as there are no cash and change hassles, reducing queues in stores and doing away with printing transaction receipts as the cardholder is intimated through SMS.

As more merchants see the value in ecommerce, they will benefit greatly from giving consumers an array of digital payment options to choose from. Avanthi says that with Sri Lankan consumers increasingly shopping online, some of the top ecommerce categories witnessing growth are telecom/utility bill payments, government and educational services, retail stores, insurance, quick service restaurants, airlines and restaurants. Lodging and professional service providers, ride-hailing services and food delivery are some of the other categories witnessing growth of digital payments across Sri Lankan cardholders and tourists visiting Sri Lanka.

Avanthi also says Visa is working with various partners, both financial institutions and large merchants as well as new age players like fintechs, to harness digital payment opportunities for SMEs. Visa is also making it easy for small businesses and merchants to receive payments through simple integrations like SMS based payment links. Merchants can use this to generate digital invoices and get paid by the customer online and remotely, making for efficient payment collection and reconciliation.

With tourist arrivals increasing in Sri Lanka and the economy looking up, it is only apt that merchants start providing payment options that international travelers are already familiar with, be it tapping a card or phone, scanning a QR code or paying online. With its wide network of partners and clients, Visa is helping uplift businesses through and reinforcing the potential of the SME sector. Visa believes that empowering people and businesses with technology and digital payments can drive the digital economy and create opportunities for the SME sector to grow within and outside Sri Lanka.



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Sri Lanka betting its tourism future on cold, hard numbers

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“From Data to Decisions” initiative jointly backed by Australia’s Market Development Facility holds its panel discussion

National Airport Exit Survey tells quite a story

Australia’s role here is strategic, not charitable

In a quiet but significant shift, Sri Lanka’s tourism sector is moving beyond traditional destination marketing and instinct-based planning. The recent launch of the “From Data to Decisions” initiative jointly backed by Australia’s Market Development Facility and the Sri Lanka Tourism Development Authority, sent an unambiguous message: sentiment is out, statistics are in.

The initiative is anchored by a 12-month National Airport Exit Survey, a trove of data covering 16,000 travellers. The findings sketch a new traveller profile: nearly half are young (20–35), independent, and book online. Galle, Ella, and Sigiriya are the hotspots; women travellers outnumber men; and a promising 45% plan to return. This isn’t just trivia. It’s a strategic blueprint. If Sri Lanka Tourism listens, it can tailor everything from infrastructure to marketing, moving from guesswork to precision.

Tourists have a real sense of achievement after hiking the trail to Ella Rock

The keynote speaker, Deputy Minister Prof. Ruwan Ranasinghe called data “a vital pillar of tourism transformation.” Yet the unspoken truth is that Sri Lanka has long relied on generic appeals -beaches, heritage, smiles. In today’s crowded market, that’s no longer enough. As SLTDA Chairman Buddhika Hewawasam noted, this partnership is about “elevating how we collect, analyse, and use data.”

Australia’s role here is strategic, not charitable. By funding research and advocating for a Tourism Satellite Account, it is helping Sri Lanka build a tourism sector that is both sustainable and measurable. Australian High Commissioner Matthew Duckworth linked this support to “global standards of environmental protection” – a clear nod to the growing demand for green travel. This isn’t just aid; it’s influence through insight.

“The real test lies ahead,” a tourism expert told The Island. “Data is only as good as the decisions it drives. Will these insights overcome bureaucratic inertia? Will marketing budgets actually follow the evidence toward younger, independent, female travellers?,” he asked.

“The comprehensive report promised for early 2026 must move swiftly from recommendation to action. In an era where destinations are discovered on Instagram and planned with algorithms, intuition alone is a high-stakes gamble. This forum made one thing clear: Sri Lanka is finally building its future on what visitors actually do – not just what we hope they’ll do. The numbers are in. Now, the industry must dare to follow them,” he said.

By Sanath Nanayakkare

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New ATA Chair champions Asia’s small tea farmers, unveils ambitious agenda

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New Chairman of the Asia Tea Alliance (ATA), Nimal Udugampola

In his inaugural address as the new Chairman of the Asia Tea Alliance (ATA), Nimal Udugampola placed the region’s millions of smallholders at the core of the global tea industry’s future, asserting they are the “indispensable engine” of a sector that produces over 90% of the world’s tea.

Udugampola, who is also Chairman of Sri Lanka’s Tea Smallholdings Development Authority, used his speech at the 6th ATA Summit held in Colombo on Nov. 27 to declare that the prosperity of Asian tea is “entirely contingent” on the resilience of its small-scale farmers, who have historically been overlooked by premium global markets.

“In Sri Lanka, smallholders account for over 75% of our national production. Across Asia, millions of families maintain the quality and character of our regional teas,” he stated, accepting the chairmanship for the 2025-2027 term.

To empower this vital community, Udugampola unveiled a vision focused on Sustainability, Equity, and Digital Transformation. The strategic agenda includes:

Climate Resilience: Promoting climate-smart agriculture and regenerative farming to protect smallholdings from environmental disruption.

Digital Equity: Leveraging technology like blockchain to create farm-to-cup traceability, connecting smallholders directly with premium consumers and ensuring fair value.

Market Expansion: Driving innovation in tea products and marketing to attract younger consumers and enter non-traditional markets.

Standard Harmonization: Establishing common regional quality and sustainability standards to protect the “Asian Tea” brand and push for stable, fair pricing.

Linking the alliance’s goals to national ambition, Udugampola highlighted Sri Lanka’s target of producing 400 million kilograms of tea by 2030. He presented the country’s “Pivithuru Tea Initiative” as a model for other ATA nations, designed to achieve this through smallholder empowerment, digitalization, and aligned policy objectives.

By Sanath Nanayakkare

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Brandix recognised as Green Brand of Year at SLIM Awards 2025

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Brandix has championed best practices in the sphere of sustainable manufacturing over the years

Brandix Apparel Solutions was recognised as the Green Brand of the Year at the Sri Lanka Institute of Marketing (SLIM) Brand Excellence Awards 2025, taking home Silver, the highest award presented in the category this year.

The ‘Green Brand of the Year’ recognises the brand that drives measurable environmental impact through sustainable practices, climate-aligned goals and long-term commitment to protecting natural resources.

A pioneer in responsible apparel manufacturing for over two decades, Brandix has championed best practices in the sphere of sustainable manufacturing covering environmental, social, and governance aspects. The company built the world’s first Net Zero Carbon-certified apparel manufacturing facility (across Scope 1 and Scope 2) and meets over 60% of its energy requirement in Sri Lanka via renewable sources.

Head of ESG at Brandix, Nirmal Perera, said: “Being recognised as Green Brand of the Year is an encouraging milestone for our teams working across sustainability.”

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