Debit card usage surges in Sri Lanka – MasterCard

Debit card usage in Sri Lanka is rising at a remarkable pace, with 87 percent of the population now using them, according to the MasterCard Country Manager for Sri Lanka and Maldives said Sandun Hapugoda.

Speaking at the launch of Disrupt Asia 2025 held at Cinnamon Life, he noted that usage stood at just 19 percent two years ago and increased to 52 percent by 2024. The Disrupt Asia 2025 event is set to take place from 17 to 20 September, transforming Colombo into South Asia’s innovation epicentre and a vibrant hub of creativity, collaboration and venture capital activity.

“As digital advancements continue to redefine commerce, cybersecurity and financial ecosystems, Mastercard remains committed to supporting Sri Lanka’s journey toward a digitally inclusive future,” Hapugoda said.

“By collaborating with visionary entrepreneurs, industry pioneers and change makers, we aim to accelerate the nation’s digital transformation and solidify its position as a dynamic innovator in the region,” he adds.

Advisor to the Information and Communication Technology Agency of Sri Lanka (ICTA) Board Mangala Karunaratne emphasised the need for policy reforms to boost ICT sector revenue and attract foreign investment. He called for a re-evaluation of double taxation, outdated tax frameworks and restrictive regulations affecting foreigners working in Sri Lanka.

Deputy Minister of Digital Economy Eranga Weeraratne confirmed that the government is actively reviewing such policies. “As we transform Sri Lanka into a regional digital hub, events such as Disrupt Asia are essential for accelerating our start-up ecosystem, fostering global collaboration and unlocking the potential of our next generation of innovators,” he stated.

The country has set ambitious targets – US$ 5 billion for the digital industry and US$ 15 billion for the broader digital economy – positioning itself as a formidable player in the regional innovation landscape.

Backed by the Ministry of Digital Economy and ICTA, Disrupt Asia 2025 is supported by key partners including the Ministry of Foreign Affairs, Foreign Employment & Tourism, Ministry of Industry and Entrepreneurship Development, MasterCard, Venture Engine, nVentures, Trace Expert City, Asaya Sands, UNDP, BOV Capital, Indian Angel Network, Lankan Angel Network, Hatch, Spike, Cinnamon Life, SriLankan Airlines and Dialog.

Co-Founder and Managing Partner of BOV Capital and Founder, LAN Prajeeth Balasubramaniam noted: “Venture Engine empowers start-ups to transform bold ideas into impactful solutions for Sri Lanka and beyond. We are excited to partner with those passionate about elevating Sri Lanka on the global innovation map.”

Executive Director of TRACE Sri Lanka Heminda Jayaweera added: “TRACE Expert City will host the Disrupt Asia Innovation Festival 2025, which will unite youth, academia, industry, and government in a celebration of entrepreneurship and innovation.”