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Digital transaction can potentially reach up to Rs 77.2 trillion by 2027.
Sri Lanka’s total volume of retail digital transaction can potentially reach up to Rs 77.2 trillion by 2027 according to insights provided by Robocash Sri Lanka Sri Lanka.
This projection represents a substantial 128% increase from the 2022 level. The company’s optimistic outlook hinges on the assumption that key macroeconomic indicators will either stabilize or exhibit positive trends over 12 quarters, commencing in 2024.
Even in a less favorable long-term scenario, Robocash Sri Lanka anticipates that the total volume of digital retail payments in the country could still reach Rs 43.94 trillion by 2027, reflecting a 30% increase compared to 2022 figures.
Credit cards and debit cards usage-
Sri Lanka is notable for its robust banking infrastructure, with around 90% of the population holding active bank accounts as of 2022. Moreover, the nation boasts an impressive 18.7 million debit cards in circulation, driving an extraordinary 85% debit card usage rate, significantly surpassing the global average of 51%. However, the utilization of credit cards in Sri Lanka stands at 10%, slightly below the global average of 22%. This, nevertheless, paints a promising picture for Sri Lanka’s fintech market, highlighting its potential for growth even in challenging economic conditions.
Country’s digital literacy rate-
By early 2023, Sri Lanka had made substantial strides in embracing digitalization, with 14.6 million internet users and 7.2 million active social media users. The country’s digital literacy rate, on par with developed European Union (EU) nations at 57%, underscores the strong digital skills among its adult population.
Digital transcaion in -commerce Sector-
Notably, the e-commerce sector has flourished, boasting 5.5 million users and a market value of Rs 777.6 billion (USD 2.4 billion) in 2023, primarily driven by the electronics segment. The e-commerce market is projected to maintain an impressive compound annual growth rate (CAGR) of 15.29% from 2023 to 2027, potentially reaching a market volume of Rs 1,387.52 billion (USD 4.28 billion) by 2027.
In the backdrop of the COVID-19 pandemic, Sri Lanka has experienced remarkable growth in digital payments. Transactions surged from Rs 5.6 trillion in Q1 2021 to Rs 9.4 trillion in Q1 2023, representing a substantial 68% growth over two years. Notably, the value of transactions conducted through the Lanka QR digital payment gateway reached Rs 681 million in Q3 2023, marking an impressive 84% year-on-year growth.
Both the Sri Lankan government and the private sector have been actively engaged in promoting digital payments, playing pivotal roles in enhancing digital payment solutions and fostering financial inclusion.
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