Visa says Sri Lanka ready to lead future of digital commerce

SRI Lanka is ready to take the lead in shaping the future of digital commerce, Visa Asia Pacific President Stephen Karpin declared yesterday at the inaugural Sri Lanka Fintech Summit 2025.

- DEVAN DANIEL

He said this speaking virtually to the two-day event at the BMICH where Visa had the global unveiling of its latest payments solution Visa Accept.

"This is not just a launch, it is a statement to the world that Sri Lanka is ready to take the lead in shaping the future of digital commerce," he said, calling for continued collaboration to advance the country’s progress.

"Today marks a significant milestone in Visa’s journey and an even bigger step forward for small businesses in Sri Lanka.”

Across the country there are over one million registered small and medium businesses, with many more informal sellers, which together make up more than 75% of businesses and contribute over half of GDP.

He noted that many micro and homebased entrepreneurs remain excluded from formal payment systems. "They often can't accept secure digital payments and that limits their ability to reach new customers, to grow their business and to formally participate in the economy," he said.

Visa Accept, the new service launched in Colombo, will allow any business with only a mobile phone to accept seamless and secure digital payments.