Sri Lanka’s digital economy currently accounts for around 3% of the total economy, but the government aims to fast-track its expansion to 15-20% within the next five years, said Dr Hans Wijesuriya, Chief Presidential Advisor on Digital Economy, outlining the steps needed to drive adoption and unlock the full potential of digital payments.

Dr Wijesuriya emphasised that as the digital economy matures, platform companies will emerge, and the digitisation of agriculture, tourism, manufacturing, transport, and education will play a crucial role in expanding its reach. He noted that in advanced economies, digital-driven sectors account for 20-40% of GDP, highlighting the gap Sri Lanka needs to close.

While the country has made significant progress in building world-class digital payment infrastructure, adoption remains a challenge. “The payment infrastructure in Sri Lanka is actually close to world-class, if not world-class,” he stated. “But why isn’t adoption as good as it should be? Why don’t we see digital payments being used more widely—whether at a citizen level, in government transactions, or between businesses? That’s the problem we need to solve.”

He identified customer experience as the key to driving adoption, stating that investment in infrastructure alone is not enough. “Having a fantastic system or investing millions in digital infrastructure doesn’t mean anything if the citizen and business experience isn’t where it should be,” he remarked.

He made these remarks addressing the event to launch BOC Flex. Dr Wijesuriya described BOC Flex as a hallmark soft infrastructure that could drive this transformation by providing a seamless digital banking experience. He stressed that financial institutions, fintech firms, and digital service providers must focus on enhancing user experience to accelerate digital adoption.