Business

Visa actively working to accelerate both card usage and acceptance across Sri Lanka

Published

2 years ago

2023/12/27

Thilina Walpola

Avanthi Colombage

– Avanthi Colombage, Country Manager for Visa in Sri Lanka and Maldives

With the bustling festive season underway, how are the consumer shopping and behaviour trends looking from Visa’s vantage point, both online and offline?

The festive season is a time of celebration, gift-giving, and spending for many consumers around the world and for Sri Lankans. This season is looking positive with many consumers out and about again, for possibly one of the brightest holiday seasons in the past few years. There is a visible increase in footfalls at shopping malls and retail stores, as people gear up for the festivities.

One of the key trends we are observing this season is the shift in consumer behavior – in terms of how they pay for retail purchases – move towards contactless. Given the convenience of contactless payments, Sri Lankans now simply tap their cards to pay while checking out at a retail store, without the hassles of carrying cash, making the shopping experience even more convenient and rewarding.

Another trend that we expect to see this season is the rise in ecommerce, as more consumers opt to shop online to avoid crowds and enjoy the convenience of home delivery. With internet users in the country increasing from 30% in 2018 to 51%, we expect a rise in ecommerce as on the back of higher awareness and adoption of online payments. To add to the season’s festivities, Visa is also running a “Bill Wipe Out” campaign at the Colombo City Centre (CCC) in partnership with Yes FM, which will choose 33 customers to have their bills fully reimbursed, if they make purchases using Visa debit cards at the CCC (T&Cs apply).

What is Visa doing to make every day cashless purchases a simple and smooth experience for shoppers? Do you think the tendency to tap and pay is here to stay?

Visa has been deeply committed to Sri Lanka’s payments ecosystem and its growth for over 35 years. With our network of banks, merchants and fintech partners, we help consumers pay digitally, simply and securely every day. As Sri Lankans start to use their cards more, we are also working with businesses and small merchants, more so outside the main urban cities, to ensure they can accept a variety of payments – be it cards, contactless payments, QR payments or online/ecommerce payments, to ensure all consumers have access to sellers who accept safe, secure and convenient forms of digital payments. In tandem, our advanced risk capabilities are ensuring an updated, safe and secure environment for cashless transactions in this dynamic commerce environment.

We believe tap to pay is a game changer and definitely here to stay. Once consumers experience its convenience, especially in stores with long queues or when they’ve fumbled for change in cash before, they understand that this is faster and safer than cash. We continue to engage with retail partners and banks on increasing awareness of the benefits of contactless payments to create a smooth consumer experience in-store.

In numerous countries where contactless payments are entrenched, we have seen tapping becomes a habit and where one cannot tap to pay seamlessly, the consumer experience is less than perfect. We believe that contactless payments are the future of digital payments, as they offer a seamless and satisfying consumer experience.

Tourist numbers are looking up; we are seeing more holiday makers coming to Sri Lanka as the year ends. What more can be done to make Sri Lanka a preferred/repeat destination for travelers, particularly in terms of digital payments?

Sri Lanka is a diverse and attractive destination for tourists from around the world, offering a range of natural and cultural attractions. The country has witnessed a remarkable recovery in tourism with an unprecedented surge in foreign tourist arrivals, a 153% increase last month, after a 159.8% jump in October, signaling a robust start to the peak tourism season and in response to the favorable conditions in the country. With visas now free of charge for countries like India, China, Russia and others, we expect a further boost to tourism.

All News Advertisement

Up Next

Halpé Tea celebrates triple triumph at the 31st National Export Awards

Don't Miss

Sri Lankans served with untruths to deprive them of cheaper electricity – senior energy expert

Click to comment

Business

A Historic First: Sri Lanka’s capital market leaders bring investor forum to Saudi Arabia

Published

21 hours ago

2026/02/6

Thilina Walpola

Key dignitaries at the Saudi investor forum

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in association with the Embassy of Sri Lanka to the Kingdom of Saudi Arabia, successfully convened an investor forum on Saturday 24th January 2026 at the Radisson Blu Hotel, Riyadh Convention & Exhibition Center. Alongside the forum, the SEC and CSE facilitated a meeting with the Public Investment Fund (PIF) which is Saudi Arabia’s main sovereign wealth fund.

The forum was organized to engage directly with the vibrant Sri Lankan expatriate community in the Kingdom and international investors, highlighting compelling opportunities within Sri Lanka’s capital market following the country’s successful exit from sovereign default and restoration of macroeconomic stability.

The forum was marked by the presence of several senior level policy officials, market leaders and market regulators including; Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL); Chathuranga Abeysinghe, Deputy Minister of Industry and Entrepreneurship Development; Ameer Ajwad Ambassador of Sri Lanka to the Kingdom of Saudi Arabia.; Senior Prof D.B.P.H. Dissabandara, Chairman of the SEC; Ray Abeywardena, Director of CSE; and Dr. Naveen Gunawardane, Co-Founder and Managing Director of Lynear Wealth Management.

In his welcome address, Ameer Ajwad stated, that a significant opportunity remains in broadening public participation in the capital market of Sri Lanka. As financial literacy and investment awareness among potential investors are limited, the investor forum would serve to bridge the knowledge gap. The forum offered an excellent opportunity for first-time investors, overseas investors, and those seeking to enhance their knowledge, to learn how to invest prudently, manage risk, and build wealth with discipline and confidence. Ambassador invited participants to make full use of the presence of high-level authorities from Sri Lanka’s key financial institutions, such as the Central Bank of Sri Lanka, the SEC, and the CSE, and to explore investment opportunities in Sri Lanka’s capital market, not only as a pathway to financial growth but also as a meaningful contribution to Sri Lanka’s resilience and long-term prosperity.

Business

CIC Holdings’ 9MFY26 revenue reaches Rs.70 bn

Published

21 hours ago

2026/02/6

Thilina Walpola

Agriculture-rich diversified conglomerate CIC Holdings PLC (CSE: CIC) recorded a consolidated revenue of Rs. 70.28 billion for the nine months ended 31 December 2025 (9MFY26), reflecting an increase of 8.69% YoY compared to the corresponding period of the previous year.

The Group’s gross profit increased by 10.11% to Rs. 18.42 billion, with the gross profit margin for the period under review improving to approximately 26%, supported by disciplined pricing and product mix optimisation. Profit after tax (PAT) increased to Rs. 5.97 billion from Rs. 5.70 billion in the corresponding period of the previous year, despite losses incurred in parts of the Group’s agri operations following the impact of Cyclone Ditwah, which disrupted cultivation activity during the Maha season.

The Group’s Crop Solutions sector remained the largest contributor to consolidated revenue, accounting for approximately 44.7% of total revenue, followed by Livestock Solutions at 21% and Health & Personal Care at 20.18%. The remaining sectors, Industrial Solutions and Agri Produce, contributed 8.6% and 6.4% to Group turnover respectively. Health and Personal Care , particularly export-driven product lines, recorded improved performance during the period, alongside continued growth in feeds, poultry, and veterinary care solutions, which supported the Group’s overall operating results.

Despite cyclone-related disruption to cultivation cycles, the Group delivered a strong operating performance, with EBITDA and operating profit (EBIT) both recording year-on-year growth. Operating profit (EBIT) closed at Rs. 9.67 billion, compared to Rs. 8.62 billion in the corresponding period of the previous year, reflecting the strength of the Group’s diversified portfolio and disciplined cost management.

During the period in review, key Group businesses across the five industry sectors, namely Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions, and Health & Personal Care, continued to perform resiliently. Crop Solutions revenue increased from Rs. 28.06 billion to Rs. 32.32 billion, while Livestock Solutions revenue grew from Rs. 13.35 billion to Rs. 14.60 billion. Health & Personal Care revenue improved from Rs. 14.29 billion to Rs. 14.46 billion, supported by herbal health product exports and steady domestic demand. Revenue from Agri Produce increased from Rs. 4.35 billion to Rs. 4.64 billion, while Industrial Solutions revenue rose from Rs. 6.07 billion to Rs. 6.28 billion.

Commenting on the performance, CIC Holdings Group CEO Aroshan Seresinhe said, “Despite the disruption caused by Cyclone Ditwah to agricultural activity during the Maha season, the Group remained focused on supporting farming communities through well clean-up operations, field renovation, and the restoration of cultivation activity.

Business

CSE regains some of its bullish verve as turnover hits Rs.11 billion

Published

21 hours ago

2026/02/6

Thilina Walpola

CSE trading reflected a bullish trend yesterday due to positive quarterly corporate earnings coupled with lower Treasury Bill yields, market analysts said.

Further, institutional participation contributed more than 50 percent to the day’s turnover.

Amid those developments both indices moved upwards. The All Share Price Index went up by 63.67 points, while the S and P SL20 rose by 12.58 points.

Turnover stood at Rs 11.1 billion with10 crossings. The top seven crossings were: JKH 189.5 million shares crossed to the tune of Rs 4.2 billion; its shares traded at Rs 22.70, HNB 3.5 million shares crossed for Rs 1.48 billion; its shares traded at Rs 422, Hemas Holdings 11 million shares crossed for Rs 376.2 million; its shares traded at Rs 34 20, Commercial Bank 1.5 million shares crossed for Rs 336.8 million; its shares traded at Rs 224.50, Sampath Bank 600,000 shares crossed for Rs 93.6 million; its shares sold at Rs 156, Laugfs Gas 868,000 shares crossed for Rs 51.6 million; its shares sold at Rs 71 and Sierra Cables 1 million shares crossed for Rs 36.7 million; its shares sold at Rs 36.70.

In the retail market top seven companies that mainly contributed to the turnover were; Ceylon Land Equity Rs 385 million (20 million shares traded), Commercial Bank Rs 373.9 million (1.7 million shares traded), Luminex Rs 247.2 million (26.7 million shares traded), Colombo Dockyard Rs 152 million (one million shares traded), TJ Lanka Rs 152 million (four million shares traded), Easter Merchants Rs 142 million (8.7 million shares traded) and RIL Properties Rs 116.9 million. During the day 441.3 million share volumes changed hands in 44406 transactions.

It is said that manufacturing sector counters, especially JKH, led the market while the banking sector also performed well, especially HNB and Sampath Bank. Further, the capital goods sector too performed well.Yesterday the Central Bank’s US dollar buying rate was Rs 305.78 and selling rate Rs 313.32.

By Hiran H Senewiratne