The world’s most popular payment gateway service PayPal which facilitates e-commerce across borders will be opened up for Sri Lankans very soon, Sri Lanka’s state-run ICT agency Chief said.
According to the Information and Communication Technology Agency (ICTA) CEO Muhunthan Canagey, his agency is currently in the process of initiating a broad payment platform where all local banks will be on board.
“Yes, it’s going to be opened. But what we want to make sure is that the local financial institutions become a part of it before it gets off the ground,” said Canagey.
While users from Sri Lanka are able to pay sellers in other countries for their purchases via the service, PayPal had barred Sri Lankans from receiving payments due to both the size of the Sri Lankan economy and the unavailability of data about Lankan markets.
Speaking at the Sri Lanka Economic Summit organized by the Ceylon Chamber of Commerce under the theme, ‘The power of social media for exports’, Canagey emphasized they were committed in creating financial and social inclusivity through the platform.
It was previous Central Bank Governor Ajith Nivard Cabraal who announced that the government was planning to allow inward payments through PayPal, though it never took off ground.
PayPal will open an integral avenue for the startups and the small and medium scale enterprises to take their products to the global markets while receiving payments online, providing the much needed boost for country’s exports.
The PayPal service allows e-commerce merchants to receive payments for their goods from across the globe in return for a 1.9-2.2 percent commission for each transaction.
In the absence of a payment gateway, a handful of Sri Lankan banks had set up their very own Internet payment portals, charging exorbitant annual rental fees in addition to over 3 percent in commissions, neglecting all but a select number of clientele.
Senior Vice President/General Manager and Head of Digital at Virtusa, Madu Ratnayake said the social technology will mostly enable the entrepreneurs to reach scale and in turn will help achieving the US $ 50 billion export target.
Comments - 6
nuwan Tuesday, 05 September 2017 11:46 AM
It's mid of 2017, the soon is so far than we thought. Just a 'chanda gundu'
Naleem Thursday, 06 August 2015 11:21 AM
We have been fighting for this past 10 years, nothing happened, but we found our alternatives to move forward our online business. We have already lost more than $10000 due to non availability of this services, because most buyers in the world prefer PayPal payments via internet. No politician nor Sri Lankan bank understand the value of this and how it will contribute our economy by creating new CEOs and boom online economy and sell our services to the world. HOPE THIS HAPPENS THIS TIME.
DamntrueFuture Thursday, 06 August 2015 10:14 PM
Amal Friday, 07 August 2015 11:02 AM
Things are not looking good this is a (via PayPal),*Possible way of cash out illegal funds,*Open an dummy company and obtain above facility.*Use theft credit/debit cards or deceased peoples credit/debit cards all around the world and pool the funds to this dummy company account.*use dormant accounts in a bank or financial institute and transfer the funds online .*withdraw money from the company and close down it ( earlier withdrawing money was difficult due to Countries regulations ) *Can operate in distance without revealing the identity-less regulations in money transfer
dilantha Thursday, 06 August 2015 07:20 PM
Maxxaa maxxa maxxaaaaaaa!!!!! I was waiting for this more than 12 years !!
Morpheus Thursday, 04 June 2020 03:22 PM
WE ARE STILL WAITING!!
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