The number of digital payment users in Sri Lanka is projected to reach 10 million by 2027, with a projected transaction value of Rs 4,481.32 billion (USD 13.83 billion), growing at a CAGR of 20.54%.
Mobile point-of-sale (POS) payments are anticipated to dominate, with 3.2 million users and a transaction value of Rs 2,342.16 billion (USD 7.24 billion) according to an analysis from Robocash Sri Lanka.
In an era marked by the Covid-19 pandemic, digital payments in Sri Lanka have experienced remarkable growth. Transactions have surged from Rs 5.6 trillion in Q1 2021 to RS 9.4 trillion in Q1 2023, representing a growth rate of 68% over 2 years. The value of transactions via the Lanka QR digital payment gateway amounted to Rs 681 million in Q3 2023, showing a growth of 84% year-on-year.
Additionally, the Digital Assets segment is on track to reach Rs 3,978 million (USD 12.25 million) in 2023, with a remarkable 56.5% revenue growth projected for 2024.
In the forthcoming years, Sri Lanka is set to implement a Digital Government initiative, which aims to streamline digital identification and document digitization. This initiative is expected to significantly facilitate electronic Know Your Customer (eKYC) for digital service providers and further boost fintech penetration.
Both the Sri Lankan government and the private sector have made substantial efforts to promote digital payments, playing pivotal roles in enhancing digital payment solutions and fostering financial inclusion.
Robocash is a leading legal and authorised online lender, proudly serving customers across Sri Lanka.
