Powering Sri Lanka's digital future: Visa's vision for tourism, inclusion and growth

As Sri Lanka enters a critical phase of economic recovery and growth to position itself as a destination of choice, Visa—the global payments leader recently announced its deepening engagement through key partnerships and efforts in the country as part of a broader commitment to supporting inclusive economic growth, rooted in trust, advanced technology, innovative solutions and best practices to accelerate progress across sectors.

- BY CHARUMINI DE SILVA

In an exclusive interview with the Daily FT, Visa Regional President Asia Pacific Stephen Karpin who visited Sri Lanka for the first time, discussed the company's strategic priorities in Sri Lanka from partnering with the Sri Lanka Tourism Promotion Bureau (SLTPB) to its broader agenda to support the country's digital transformation, expand financial inclusion for SMEs, promote responsible credit and advanced payment solutions.

Below are excerpts of the interview;

Visa's decision to host its Asia Pacific Summit in Sri Lanka is a major vote of confidence. What factors made Sri Lanka the right choice for this flagship event?

For Visa to truly be the best way to pay and be paid for everyone, everywhere—it is critical that we stay closely connected to the people and businesses we serve. We are an open commerce ecosystem and our leadership team is committed to staying engaged on the ground. This summit is part of that commitment, coming together as a team, alongside our clients, to better understand the context in which they operate. In that backdrop, Sri Lanka is at a very critical stage, especially when it comes to payments. This opportunity represents another important step in a rich journey, one that aligns with the Sri Lankan Government's priorities around tourism, digitalisation, and financial inclusion.

We have recognised that there's still a significant amount of cash circulating in the economy. Visa sees a real opportunity to help digitise the economy in a way that strengthens the economy, enhances security and better connects Sri Lanka with the global marketplace, including through tourism. By being here in Sri Lanka, hearing from stakeholders firsthand and seeing their progress and opportunities ourselves is imperative to a better position to support. I am confident in Avanthi and the team on the ground will deliver Visa’s very best.