Today marks a significant milestone for Visa, the global leader in digital payments, celebrating its 35-year anniversary in Sri Lanka. This journey encapsulates the company’s unwavering commitment to the nation and signifies the pivotal role Visa has played in helping the country transition towards a comprehensive digital economy. Celebrating the milestone, Visa announced a pledge of LKR 13 million to The Asia Foundation to help support women-led small businesses in Sri Lanka.
Chris Clark, Chairman for Asia Pacific, Visa, while reflecting on this journey said, "Visa has become an intrinsic part of Sri Lanka's financial fabric over these past 35 years. Our vision goes far beyond transactions; our purpose is to uplift everyone everywhere and in doing so, we aim to empower individuals, businesses, and the wider community. We're thrilled to launch Visa Government Solutions in the market, while also strengthening our dedication to local small businesses in Sri Lanka.”
To commemorate this occasion, Visa is pledging LKR 13 million to improve the economic outcomes of women-led small and medium businesses (SMBs) across Sri Lanka. In partnership with The Asia Foundation, Visa will provide seed funding to a group of selected women-led SMBs. In addition, funding will also aid skills development, knowledge sharing and collaboration, as well as promote financial inclusion among women-led small businesses.
Over the years, Visa has introduced pioneering payment solutions, catalyzing the transition from cash to digital transactions among consumers and businesses alike. Visa has been instrumental in digitizing crucial sectors such as small businesses and transit and tourism, all essential for growth in the nation's post-pandemic trajectory to recovery.
In its latest endeavor to enhance the nation's payment infrastructure, Visa plans to introduce Visa Government Solutions (VGS) in Sri Lanka. With the VGS suite of solutions, Visa aims to partner with the government to modernize its payment systems, promoting efficiency in making and receiving payments, reducing fraud, and supporting the overarching goal of building a digitized economic framework.
Sandeep Ghosh, Group Country Manager for India and South Asia at Visa, shares his vision on strengthening this alliance, "By introducing Visa Government Solutions to the country, we aim to further strengthen our relationship with the Sri Lankan government. By helping improve government payment systems, we will continue to demonstrate our commitment to helping the nation’s digital transformation agenda.”
Throughout its journey, Visa has built robust relationships with financial institutions, merchants and FinTech partners – an ecosystem of partnerships aimed at strengthening Sri Lanka's digital economy.
Avanthi Colombage, Country Manager for Sri Lanka and Maldives at Visa, says, " The essence of our 35 years in Sri Lanka lies in transforming and simplifying the payments landscape. We have consistently driven growth and financial inclusion over the years and remain committed to accelerating the country's digital transformation in the coming years. With continued support and guidance from the Government of Sri Lanka and the Central Bank of Sri Lanka, we stand ready to play an expanded role in the nation's progress."
Over the years, Visa has continued to enjoy unflinching support from its partners, consumers, and the wider Sri Lankan community. As the company looks forward to the journey ahead, it remains committed to championing a socially and economically inclusive digital future for Sri Lanka.