European payment and transactional services company Worldline is expanding to Sri Lanka with the launch of a credit card for Singer Finance Lanka, a financial services company and subsidiary of Singer (Sri Lanka). Singer Finance is the first NBFC in Sri Lanka licensed by the Central Bank to issue credit cards to customers. The card will be available in 3 variants – Gold, Platinum Domestic and Platinum International – and will offer distinct and exclusive benefits to the customers of Singer Finance. Managed from end-to-end by Worldline, the credit cards will be EMV chip based cards, enabling higher consumer spends and higher security for cardholders than magnetic stripe cards. Worldline powers the issuing, application processing and transaction processing for the credit card, in addition to fraud and risk management and query management. Deepak Chandnani, CEO, Worldline South Asia & Middle East, said Worldline will be responsible for card issuance and management that will be of the same international standards. The Sri Lankan market has a strong base of over 16.3 million cards and with transactions growing at around 27%, there is great potential in the country, he added.
