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- Surge in card transactions by tourists was driven largely by in-store use of debit cards
- Domestic debit spends grew by 45% while cross-border debit spends grew by almost 30%
- Domestic cardholders in Sri Lanka spent 35%+ more than in 2023 Holiday Season, buoyed by increasing penetration of contactless payments
Colombo, February 05, 2025: Visa (NYSE: V), the global leader in digital payments, today announced that Visa saw a marked uptick in spending by both tourists and domestic consumers in Sri Lanka during the holiday season at the end of 2024. Visa Consulting & Analytics (VCA), Visa’s advisory arm, highlighted key findings of consumer spend patterns during this period that saw an increase in commerce across payment options and channels.
An analysis of end-of-year spends of 2023 and 2024 showcased 40% increase in cross-border card transactions in physical stores, with a clear preference for using debit cards, that witnessed almost 50% increase over last year. The more than 35% surge in domestic card spends over the previous year was anchored by higher debit card spends, both online (~55%) and in-store (more than 40%).
Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa said, “We are thrilled to see the remarkable uptick in spending driven by Sri Lankans and our valued international visitors, a testament to the resilience and vibrancy of our country. At Visa, we are proud to play an integral role in facilitating the dynamic payments ecosystem and ensuring that holiday and travel experiences are seamless, convenient, secure, and truly memorable for everyone.”
With an influx of over 2 million tourists in 2024 and expected to reach 3 million in 2025[1], there was a palpable surge of 40% in cross-border transactions through debit and credit cards over last year. This was due to a 45% increase in debit card usage as well as more than 30% growth in credit usage. More than 50% of this growth was contributed by 9 countries, namely Australia, Canada, France, Germany, UAE, India, Japan, UK and USA. Interestingly, the country also saw tourists from at least 13 new countries like Afghanistan and Barbados that had not previously performed digital transactions in the island nation.
Avanthi points out, “The majority of spends by tourists was witnessed in categories like lodging, airline bookings, restaurants, retail shopping and other travel-related expenses. Meanwhile, domestic consumer spends were concentrated primarily on everyday categories like food and grocery, apparel, restaurants and fuel.”
She further added, “We remain committed towards accelerating the adoption and acceptance of digital payment methods and are delighted to be a part of Sri Lanka’s growth story. Visa continues partnering with all ecosystem and remains committed to innovation and excellence that empowers both local and global commerce.”
About Visa Inc. Holiday Season
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
Contact:
Uma Balakrishnan
