/ Sri Lanka
Overview
Sri Lanka is an island country in South Asia located next to vital sea lanes in the Indian Ocean that carry half of the world's container shipments and two-thirds of the world’s oil shipments. Sri Lanka shares a maritime border with India and the Maldives. With a population of c.22 million, the service sector (including tourism) makes up c.60% of Gross Domestic Product (GDP), followed by the industrial sector at c.26%, and agricultural production predominantly tea, coffee, sugar, and rice at c.8%. China, India and the United States are Sri Lanka's largest trading partners. The private sector accounts for 85% of the economy. Industrialization and international commerce has increased the importance of robust infrastructure such as telecommunications, logistics and the advancement of more complex and comprehensive banking services. Tourism and overseas employment contributes a significant source of inbound foreign exchange. All foreigners travelling to Sri Lanka are required to obtain an Electronic Travel Authorization (ETA) and submit a Digital Arrival Card, we securely process this payment for the government. Your first payment touchpoint with the country will likely be a Bancstac hosted interaction. All Sri Lankan citizens seeking adventures abroad are required to obtain a passport from the Department of Immigration and Emigration, we also securely process this payment for the government.
Mobile telecommunications is a critical backbone to the devleopment of an efficient digital economy. Our partnership with Hutch, a leading mobile operator and subsidiary of Hong Kong-listed Fortune 500 conglomerate, CK Hutchison Holdings, will see us continue to support the development and growth of mobile payments in Sri Lanka which is projected to grow at a 20% CAGR from US$6.5 billion in 2023 to US$13.8 billion by 2027.
Bancstac continues to support the sustainable growth and economic prosperity of the country by investing in, and building, payment infrastructure which delivers cost-efficient technology solutions for our bank partners. We nurture local talent and support the communities we touch by making it easier to participate competitively in global trade.
Strategic bank partners
Bancstac is a core technology partner to banks which further enhances their online payment gateway capabilities. If your business wants to accept payments from Visa, Mastercard and UnionPay International, please contact your Sampath Bank, DFCC Bank or Hatton National Bank representative for details. Once approved by the bank, you can also apply to Paycorp International, a wholly-owned subsidiary of Bancstac to seamlessly accept payments from American Express, Discover Network and Diners Club International cardholders. If you would like addition payment acceptance capabilities such as Alipay, WeChat Pay, LankaQR, LankaPay-National Card Scheme or others, please speak with your bank representative to discuss integration options with Bancstac to match your business needs.
Business friendly Amex fee. One flat rate, no hidden costs, pay-as-you-go and seamlessly integrated with your preferred bank partner.
Important Disclosures
Paycorp International, a wholly-owned subsidiary of Bancstac (“Bancstac”), is solely responsible for determining the eligibility of and enabling businesses to accept online payments using American Express, Diners Club and Discover Network cards (“Amex”). Sampath Bank, DFCC Bank and Hatton National Bank are not involved in determining the eligibility of or enabling the acceptance of Amex payment transactions. All payments transactions using Amex cards from a merchant which has been determined to be eligible and enabled by Bancstac, are processed by Bancstac. Bancstac has nominated Sampath Bank, DFCC Bank and Hatton National Bank to be the settlement banks for Amex transactions.