Connect with us

News

Robocash Sri Lanka predicts significant growth in digital retail payments

Published

on

Sri Lanka’s digital retail payments are poised for remarkable expansion, with the potential to reach up to Rs 77.2 trillion by 2027, according to analysis by Robocash Sri Lanka. This represents a substantial 128 percent increase from the 2022 level. The optimistic forecast by the company is contingent on the assumption that all major macroeconomic indicators will achieve equilibrium or exhibit stable positive trends over 12 quarters, commencing in 2024.

Robocash is a financial group of companies providing robotic financial services in the field of alternative lending and marketplace funding.In a less favourable long-term scenario, the company anticipates that the total volume of digital retail payments in Sri Lanka will still reach Rs 43.94 trillion by 2027, reflecting a 30 percent increase from the 2022 level.

Sri Lanka is known for its high rate of citizens with active bank accounts and is currently witnessing a burgeoning fintech expansion, displaying resilience even in the face of economic challenges. As of 2022, approximately 90 percent of the population holds active bank accounts, with an impressive 18.7 million debit cards in circulation. This has resulted in an outstanding 85 percent debit card usage rate, surpassing the global average of 51 percent.

However, the utilization of credit cards in Sri Lanka stands at 10 percent, slightly below the global average of 22 percent. Nonetheless, this trend bodes well for Sri Lanka’s fintech market, illustrating its potential for growth even in challenging economic conditions.

As of early 2023, Sri Lanka has made significant strides in embracing digitalization, boasting 14.6 million internet users and 7.2 million active social media users. The country’s digital literacy rate, on par with developed European Union (EU) countries at 57 percent, underscores the strong digital skills among its adult population.

The e-commerce sector in Sri Lanka is flourishing, with 5.5 million users and a market value of Rs.777.6 billion (US$ 2.4 billion) in 2023, primarily driven by the electronics segment. The e-commerce market is projected to maintain an impressive compound annual growth rate (CAGR) of 15.29 percent from 2023 to 2027, reaching a market volume of Rs 1,387.52 billion (US$ 4.28 billion) by 2027.

Amid the backdrop of the COVID-19 pandemic, digital payments in Sri Lanka have seen substantial growth, with transactions surging from Rs 5.6 trillion in 1Q2021 to Rs 9.4 trillion in 1Q2023, marking a 68 percent growth rate over two years. The value of transactions via the Lanka QR digital payment gateway reached Rs. 681 million in 3Q2023, demonstrating an 84 percent year-on-year growth.

Both the Sri Lankan government and the private sector have been instrumental in promoting digital payments, playing pivotal roles in enhancing digital payment solutions and fostering financial inclusion.

In the coming years, Sri Lanka plans to implement a Digital Government initiative aimed at streamlining digital identification and document digitization. This initiative is expected to significantly facilitate electronic Know Your Customer (eKYC) for digital service providers and further boost fintech penetration.

Despite recent economic challenges, Sri Lanka’s fintech sector remains optimistic. The number of digital payment users is projected to reach 10 million by 2027, with a projected transaction value of Rs. 4,481.32 billion (US$ 13.83 billion), growing at a CAGR of 20.54 percent.

Mobile point-of-sale (POS) payments are expected to dominate, with 3.2 million users and a transaction value of Rs 2,342.16 billion (USD 7.24 billion). Additionally, the Digital Assets segment is on track to reach Rs. 3,978 million (US$ 12.25 million) in 2023, with a remarkable 56.5 percent revenue growth projected for 2024.

However, it’s important to acknowledge that Sri Lanka’s economy faces challenges, including high public debt, inflation risks, and limited foreign investments. The nation’s economic recovery hinges on structural reforms and political stability.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Doctors threaten strike

Published

on

Dr. Nalinda Jayatissa

The Executive Committee of the Government Medical Officers Association (GMOA) has set a 10-day deadline for the NPP government to implement the agreement reached between them and Health and Media Minister Dr. Nalinda Jayatissa recently.

The GMOA yesterday (14) declared that the decision to launch a countrywide strike on 23 January had been taken at the EC meeting held on Tuesday (13).

GMOA Secretary Dr. Prabath Sugathadasa said his Association had resorted to trade union action in the recent past against the failure on the part of the government to address their grievances through the 2026 Budget. However, the GMOA called off such trade union action after Dr. Jayatissa, in writing, assured that the Cabinet approval would be obtained to create a special category of public service as Sri Lanka Health Service to accommodate all categories of doctors and increase the doctors’ DAT (Disturbance, Availability, & Transport) allowance, resolve transport issues in terms of the 22/99 circular, transform additional allowance to a permanent allowance and resolve issues surrounding the research allowance.

The GMOA blamed Minister Jayatissa and the Health Ministry for the developing situation. (SF)

Continue Reading

News

Chandrasekar alleges extremists in South and North hinder development

Published

on

Minister Chandrasekar welcomes Australian HC Duckworth at the NPP Jaffna office

Minister of Fisheries, Aquatic and Ocean Resources Ramalingam Chandrasekar has said that extremists operate both in the South and, to some extent, in the North, and that they often ignore the genuine needs of the people. Minister Ramalingam alleged that these extremists try to obstruct development efforts, the Ministry said.

The Minister said so when the Australian High Commissioner in Sri Lanka, Matthew Duckworth met him at the National People’s Power (NPP) office in Jaffna.

The Minister also assured that, unlike in the past, strong security guarantees have now been firmly established under the NPP administration, creating a conducive and confidence-building environment for diaspora Tamils and foreign investors to invest in Sri Lanka without hesitation.

During the meeting, the High Commissioner and the Minister engaged in extensive discussions on key political, economic and development-related issues. Particular attention was given to the long-standing friendly relations between Sri Lanka and Australia, partnerships founded on democratic values, and the prevailing situation in Sri Lanka’s Northern Province.

The discussions also focused on post-conflict development efforts in the North, governance reforms, transparency, accountability and the evolving political culture under the administration of the National People’s Power.

Minister Ramalingam Chandrasekar expressed his sincere gratitude to the Australian Government for the humanitarian assistance extended to the people of Sri Lanka affected by Cyclone Ditwah. He noted that standing with people beyond political differences during times of disaster is a true reflection of genuine international friendship. The Minister also briefed the High Commissioner on the ongoing national programmes aimed at restoring normalcy and strengthening resilience.

Highlighting the growing public trust in the government, particularly in the Northern Province, the Minister emphasised that development programmes are being implemented in a manner that safeguards this trust. He elaborated on development initiatives currently underway in the North, under the NPP-led administration, stating that these efforts are backed by firm political decisions to transform post-war reconstruction from promises into tangible action.

Special emphasis was placed on strengthening the fisheries sector, protecting aquatic resources and promoting the marine economy in ways that directly enhance the livelihoods of the northern communities. The Minister further explained that the proposed investment zones in the Northern Province are designed not merely as land allocations, but as comprehensive projects that generate employment, facilitate technology transfer and ensure a balanced regional economic development.

Calling for Australian cooperation in these investment initiatives, Minister Chandrasekar encouraged Australian investors, as well as members of the Sri Lankan diaspora living in Australia, to actively participate in Sri Lanka’s development journey. He urged the High Commissioner to play a facilitative role in easing diaspora and foreign investment engagement, noting that overseas Sri Lankans—particularly those investing in the Northern Province—can become a vital force in promoting national unity, economic equity and sustainable development.

The Australian High Commissioner stated that the National People’s Power government clearly reflects the emergence of a corruption-free administration. He observed that governance, based on transparency, the rule of law and accountability, has earned the confidence of the international community. He further assured Australia’s full support for the development of the Northern Province.

Duckworth affirmed that Australia is keen to explore investment opportunities, industrial development prospects, job creation and sustainable economic growth in the North, and that Australia recognises and welcomes development efforts supported by political stability and clear policy direction.

Emphasising reconciliation, the High Commissioner remarked that racism must be defeated in Sri Lanka, and that the deep wounds and trauma, embedded in people’s lives over decades, must be healed. True reconciliation, he said, should be born in the country itself, grounded in justice and equality, and not remain merely a slogan.

The meeting was attended by National People’s Power Members of Parliament K. Ilangumaran, J. Rajeevan and Sri Bhavanandaraja, Jaffna Municipal Councillor S. Kabilan, representatives of the Australian High Commission, and several other invitees.

Continue Reading

News

Pakistan HC in Colombo hosts special reception in honour of SAARC Woman of the Year Musarrat Misbah

Published

on

High Commissioner Faheem Ul Aziz presents Ms. Musarrat Misbah a special memento to commemorate her extraordinary entrepreneurial journey and her role in empowering women (pic courtesy Pakistan HC)

Pakistan HC in Colombo Major General Faheem Ul Aziz, HI (M), yesterday (14) hosted a formal reception at his residence to celebrate the very well-deserved achievement of Ms. Musarrat Misbah, a prominent Pakistani entrepreneur and social worker who was honored with the SAARC Woman of the Year Gold Award at the WCIC Prathibhabhisheka Women Entrepreneur Awards 2025.

Pakistan HC statement: “Ms. Misbah is recognized as a renowned humanitarian and social entrepreneur, who is presently heading the Depilex Smile Again Foundation. Her foundation is working as symbol of hope across South Asia, providing medical treatment and vocational training to women. While applauding and recognizing her phenomenal efforts, the High Commissioner appreciated her contributions and the corporate social responsibility, by her foundation. He emphasized that Musarrat’s recognition as the SAARC Woman of the Year reflected the deep-rooted commitment of both Pakistan and Sri Lanka to fostering gender equality and empowering women within the regional framework.”

Continue Reading

Trending