Fri, 27 Jan 2023 Today's Paper

Sri Lanka in talks with PayPal for 9 years without breakthrough

By

25 January 2021 09:02 am - 0     - {{hitsCtrl.values.hits}}

A A A

The Central Bank last week said they have been talking with the US internet-based payment gateway provider, PayPal Holdings Inc. for the launching of their services in Sri Lanka for almost 9 years 
without a breakthrough. 


While the authorities continue to follow through with current discussions with PayPal, the Central Bank said there are other international entities, which provide a similar service, whom Sri Lanka could tap.


“For the last 8 to 9 years we have been working with them (PayPal) to get this receiving facility to Sri Lanka,” said R.A.A Jayalath, Assistant Governor of the Central Bank. 


The Central Bank has also written to the Sri Lankan envoy in Singapore to take the matter up with PayPal officials there and at present the Bank is also working with an Indian agent of the company to open access to thousands of Sri Lankans to receive payments by selling their goods in international online market places such 
as e-bay and Amazon.com. 


Earlier in the month, Central Bank Governor Prof. W.D. Lakshman confided that they could expect some 
breakthrough this year. 


“The Central Bank has already commenced discussions with international payment service providers, such as PayPal, to enable payment receipt facilities for Sri Lankan residents, and we expect positive outcomes in the near future,” he said. 


“Apart from these, the Central Bank is actively seeking possibilities to develop and promote other forms of payment mechanisms to attract capital flows and to enable e- commerce, thus facilitating cross-border trade. An implementation framework for Open Banking in Sri Lanka is being investigated,” he added.


The pandemic added extra flywheel to going digital as many payments and other financial activities shifted online as people cut in-person visits to physical stores and bank branches. 

Platforms like PayPal, which directly empower small and medium-sized entrepreneurs (SMEs), have become even more critical to Sri Lanka, specially with the downturn in the tourism industry due to COVID-19.  


“As the future of the global financial architecture is going to be essentially digital, the Central Bank will continue its deliberations with local and international stakeholders on its treatment of digital currencies, using thorough cost-benefit analyses and a long-term perspective,” Professor Lakshman added. 

 

 


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Canada’s targeted sanctioning of Gota and Mahinda

History was made last week when two former executive presidents of Sri Lanka

SC judgement on Easter attack: Court rules negligence stood in the way of avoiding most heinous crime

“On the ill-fated day of 21st of April 2019, this island home was awoken ru

Lasantha was a Fearless Editor who Spoke Truth to Power

Friends,Family members, colleagues, schoolmates and admirers of Lasantha Wick

That bullet wasn’t intended for her

Iresha Shyamali was exhausted from a two-day pilgrimage in Anuradhapura.