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The usage of credit cards increases

Jun 7, 2011 11:29:19 PM - itnnews.lk

The usage of credit cards in the past has increased by about 300,000. Minister Bandula Gunawardena said that this indicates a positive trend in the economy.

 

Addressing Parliament today, the Minister said the usage of credit cards in the country exceeded 800,000. As at March this year, the number of credit card users in the country is 792,362 of which 60,228 are locally used and the remainder of 732,134 is used via internet. The Minister went on to say that the total cost of both is 32,054 million rupees.

The Minister pointed out that frauds take place when such a large sum of money was circulating internationally. He said the gazette notification issued relates to the use of credit cards by unauthorized persons, conduct of investigations, the institution of legal action and the imposition of sentences related to it. Based on the changes that are taking place in the world and at a time when an increase in international transactions had been reported and when Sri Lanka was receiving benefits of globalization, the Finance Ministry deserves appreciation for the introduction such provisions which is significant to national security to crack down on fraud, malpractices and irregularities taking place with regard to credit cards