News
Robocash Sri Lanka predicts significant growth in digital retail payments
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.
Latest News
Advisory for Severe Lightning for the Western and Sabaragamuwa provinces and Galle and Matara districts
Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre at 12.00 noon 07 February 2026 valid for the period until 11.00 p.m. 07 February 2026
Thundershowers accompanied with severe lightning are likely to occur at some places in the Western and Sabaragamuwa province and in Galle and Matara districts.
There may be temporary localized strong winds during thundershowers.
The general public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
Avoid using wired telephones and connected electric appliances during thunderstorms.
Avoid using open vehicles, such as bicycles, tractors and boats etc.
Beware of fallen trees and power lines.
For emergency assistance contact the local disaster management authorities.
News
INS GHARIAL departs island
The Indian Naval Ship (INS) GHARIAL which made a port call in Colombo, departed the island on 06 Feb 26.
The Sri Lanka Navy bade a customary farewell to the departing ship at the Port of Colombo, following naval traditions.
During the ship’s port call, the crew took a sightseeing tour of key attractions in Colombo.
The visit also featured the handover of ten temporary Bailey Bridges, which were brought by INS GHARIAL, in coordination with the High Commission of India in Sri Lanka.
News
Stop the collection of funds from parents at school level for Smart Boards — PM
Prime Minister Dr. Harini Amarasuriya stated that the Ministry of Education has already commenced the distribution of Smart Boards required for the new education reforms, and that the collection of funds from parents at school level for this purpose must be stopped immediately. She further emphasized that no decision has been taken to curtail free education or to close the Jayewardenepura Faculty of Dental Sciences.
The Prime Minister made these remarks in response to a question raised in Parliament on Thursday [05th February] by the Leader of the Opposition, Sajith Premadasa.
Elaborating further, the Prime Minister stated,
“Although the Leader of the Opposition has not traditionally upheld free education as a policy, I appreciate your stance on the matter at this juncture. However, I urge that questions should not be raised based on social media content or unverified rumours in Parliament. No decision has been taken to curtail free education or to close the Jayawardenepura Faculty of Dental Sciences. The Medical Faculty of the Wickramarachchi University of Indigenous Medicine had commenced operations without regulatory approval and had introduced course work, resulting in students being placed in a vulnerable situation. Necessary action is currently being taken based on the recommendations of a report submitted by an expert committee appointed to examine the issue. This this is not a political decision, but one guided by expert opinion”.
“Arrangements are underway to distribute the required Smart Boards to schools during this year, and there is no need to collect funds from parents for this purpose. If any such collections are taking place, they must be stopped immediately. The Secretary to the Ministry of Education has already issued a directive instructing schools not to collect funds from parents”.
“The subject Information Technology will not be taught as a separate subject for Grades 1 to 5. However, recognizing the need to prepare students for a globally advancing technological world, discussions have been initiated based on expert advice on how to provide age-appropriate technological awareness to students. Decisions will be made after carefully considering child protection concerns and expert recommendations. The curriculum-related decisions will not be made politically, but by subject experts.
Based on the requests made by the universities and higher education institutions recruitment for essential academic vacancies is currently being carried out under the Cabinet approval. Although thirty years have passed since the establishment of the teacher service, further measures are required to enhance its quality. Existing issues relating to teacher promotions, considering the practical difficulties in evaluation processes and non-compliance with service minute provisions are being addressed alongside other challenges. The government is presently focused on formulating a systematic plan to ensure quality education.”
Responding to a question raised by the Member of Parliament Kader Mastan, the Prime Minister stated,
“Several programmes have been introduced based on government policy decisions to fulfill the basic needs of schoolchildren. These include the provision of school textbooks, uniforms, and the “Suraksha” health insurance scheme. Additionally, voucher schemes have been introduced to support the purchase of sanitary products for girls in Grades 6 to 13. Midday meals are also being provided for primary school students, and financial assistance is extended to students who pass the Grade 5 Scholarship Examination but do not receive bursaries. The Ministry of Education is in the process of gathering further information with the intention of expanding these programmes”.
The Prime Minister also announced that the 2025 G.C.E. Ordinary Level Examination is scheduled to be held from February 17 to 26. Although this period coincides with the observance of Ramadan, relevant authorities have confirmed that it will not pose an obstacle to the conduct of the examination. Furthermore, it has been decided to hold the Grade 5 Scholarship Examination and the G.C.E. Advanced Level Examination before August each year, and the G.C.E. Ordinary Level Examination in December. From 2026 onwards, efforts will be made to conduct examinations in accordance with this revised annual examination calendar.
[Prime Minister’s Media Division]
-
Business4 days agoSLIM-Kantar People’s Awards 2026 to recognise Sri Lanka’s most trusted brands and personalities
-
Business6 days agoAltair issues over 100+ title deeds post ownership change
-
Business6 days agoSri Lanka opens first country pavilion at London exhibition
-
Business5 days agoAll set for Global Synergy Awards 2026 at Waters Edge
-
Business4 days agoAPI-first card issuing and processing platform for Pan Asia Bank
-
Business6 days agoESOFT UNI Kandy leads the charge in promoting rugby among private universities
-
Editorial2 days agoAll’s not well that ends well?
-
Features2 days agoPhew! The heat …
