Sunday Dec 22, 2024
Sunday Dec 22, 2024
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Visa India and South Asia Vice President and Head of Products Ramakrishnan Gopalan (left) with Visa Country Manager for Sri Lanka and Maldives Avanthi Colombage at the media briefing yesterday
- Pic by Pradeep Pathirana
By Charumini De Silva
Visa, the global leader in digital payments yesterday announced the re-launch of its flagship product, Visa Infinite Cards, targeting affluent and high net worth customers in Sri Lanka.
The announcing the re-launch translates to the value proposition associated with the Visa’s Infinite Card. The cards are designed for individuals with assets ranging from $ 0.5 to $ 1 million and offer curated services and preferential benefits.
Visa Infinite Cards provide exclusive benefits across lifestyle, entertainment, retail and travel categories. These perks are tailored to the needs and desires of affluent customers, reflecting their status and discerning tastes.
In addition to many discerning benefits offered under Visa’s Infinite Cards, 24x7 Concierge Service which goes beyond the standard special offers give the high end consumers the feeling of exclusivity and more value for their spends. The re-launch aims to enhance the exclusive benefits and services that Visa Infinite Cardholders can enjoy, ensuring it meets the evolving needs and expectations of affluent and high net worth
customers.
Visa hopes to strengthen its position in the Sri Lankan market and provide affluent customers with unparalleled access to exclusive experiences and benefits, enhancing their overall lifestyle and financial management.
Speaking to journalists Visa India and South Asia Vice President and Head of Products Ramakrishnan Gopalan outlines the importance of catering to this customer segment.
“The affluent and high net worth segment of customers has demonstrated resilience through various economic cycles, from recession to boom,” he said, adding that they are fragment of customers who do not want to flaunt and prefer to stat understated.
Gopalan also highlighted that, although the market segment is relatively small, it accounts for a significant portion of overall spending on the Visa network, estimated at 30-40%.
The number of affluent customers in the Asia Pacific region is growing three times faster than that of non-affluent customers. Gopalan believes that the time is right to reintroduce the Visa Infinite Card in Sri Lanka.
“In Sri Lanka Infinite Card is mostly used for travel and lifestyle expenses as it is emotionally appealing and is attracted by its exclusive benefits,” he said.
He also said Sri Lanka is one of Visa’s fastest-growing markets, having recovered from economic crises and is now booming.
“The emerging affluent and the affluent customers in Sri Lanka are wanting more and hence we want to extend our services via the re-launch of the value proposition that is intricately aligned with the Visa Infinite Card,” Gopalan said.
Visa Country Manager for Sri Lanka and Maldives Avanthi Colombage explained the rationale behind the investment in this segment.
“This is one of the first re-launches we are doing in the region. We have observed a shift in spending patterns among our customers in Sri Lanka, particularly in the post-pandemic and economic crisis period, with an increased engagement on digital platforms and payment channels. Thus, the re-launch reflects to the value proposition associated with the Visa’s Infinite Card,” she said.
Colombage asserted that high net worth and affluent customers are using digital platforms more frequently for their daily transactions.
“The evolving expectations of consumers, who now prioritise experiences over traditional benefits like discounts, loyalty programs, reward points and miles. This shift is part of a global trend towards more experiential and exclusive offerings. Given these trends, Visa is investing in Sri Lanka to capitalise on the positive factors at play,” she added.
She also pointed out that the affluent and high net worth customer segment is very important to the banks and the financial industry as a whole. “They act as feeders and sources of economic growth,” Colombage stated.
By redefining the value proposition for affluent customers, she said Visa aims to bring benefits seen in other parts of the world to Sri Lanka, ensuring that high net worth individuals can fully enjoy the advantages of the Visa’s Infinite Card re-launch.
