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Fintech Forum Driving Sri Lanka's Shift Towards a Digital Payment ...
Sri Lanka’s transition to a digitally inclusive economy has moved beyond infrastructure, with terminals, QR codes, and mobile applications now widely available. However, the real challenge lies in behavioural change—encouraging both consumers and merchants to move away from deeply rooted cash usage habits.According to Crispin Wijesekera, Country Manager for Sri Lanka and Maldives at UnionPay International, this is where the Fintech Forum of Sri Lanka plays a critical role. By bringing together banks, fintech companies, regulators, merchants, and global payment networks, the Forum helps create alignment across the industry.“It facilitates policy discussions, supports national initiatives, and promotes the education needed to make digital payments a daily habit rather than an occasional choice,” Wijesekera said.UnionPay International continues to expand its global footprint, enabling card acceptance in 183 countries and regions, with issuance across 85 countries. The network provides secure, cost-effective cross-border payment solutions while ensuring convenient local services for both cardholders and merchants.UnionPay’s presence in Sri Lanka dates back to the early 2000s, initially focusing on supporting Chinese travellers through ATM and POS acceptance. Over time, this strategy evolved into a broader localisation effort. By 2019, UnionPay had partnered with all major acquirers in Sri Lanka, enabling widespread acceptance across POS and ATM networks.The first locally issued UnionPay card was launched in partnership with Commercial Bank of Ceylon in the same year. The company continues to expand local issuance by collaborating with banks and finance companies, strengthening its footprint within the domestic financial ecosystem.Economic Case for Behavioural ChangeDespite strong infrastructure, Wijesekera stressed that the next phase of growth depends on behavioural transformation. He noted that achieving this requires full engagement with consumers and encouraging them to adopt mobile-based payments over cash transactions. Education plays a key role in driving this shift.The cost of managing physical currency, including printing, distribution, and security, is estimated at approximately 1.5% of Sri Lanka’s GDP. Reducing reliance on cash is therefore not only a matter of convenience but also a major economic efficiency gain.In more advanced markets such as China, nearly 70% of transactions are QR-based. While Sri Lanka has developed similar QR interoperabilit...
The Paypers | Global Payments & Fintech Industry News
HomeYour go-to source for fintech market insightsThe Paypers covers the latest global news and analyses on payments, ecommerce, fintech, and the digital economy.FeaturedThe Paypers is a global hub for market insights, real-time news, expert interviews, and in-depth analyses and resources across payments, fintech, and the digital economy. We deliver reports, webinars, and commentary on key topics, including regulation, real-time payments, cross-border payments and ecommerce, digital identity, payment innovation and infrastructure, Open Banking, Embedded Finance, crypto, fraud and financial crime prevention, and more – all developed in collaboration with industry experts and leaders.ContactThe PaypersPrinsengracht 777e 1017 JZ Amsterdam
Sri Lanka's only national business newspaper | Daily FT
Latest news, analysis and opinions from the Daily FT, Sri Lanka's latest business updates.
Sri Lanka's only business publication | Daily FT
Latest news, analysis and opinions from the Daily FT, Sri Lanka's only national business newspaper.
