PayPal, one of the world's largest digital payment platforms, and the Sri Lankan government jointly announced the expansion of PayPal's services in Sri Lanka.
The service launches initially through three banks – Bank of Ceylon, Commercial Bank, and Sampath Bank – with more local banks expected to follow.
Prime Minister Harini Amarasuriya welcomed the collaboration between PayPal and Sri Lankan banks, saying the initiative recognized the country's role in the digital economy, regionally and globally.
Context
Sri Lankan PayPal accounts were previously restricted to Send Only functionality, which meant users could make payments abroad but could not receive money from international clients.
With this launch however, small and medium-scale businesses providing services online will be able to receive their earnings directly into local bank accounts, and also increase the amount of official foreign exchange flowing into the country.
Founded in 1998, PayPal has more than 439 million users in over 200 countries and processes more than US$1.5 trillion in transactions annually.
PM’s comments
Speaking at the launch, Prime Minister Dr. Harini Amarasuriya underlined the importance digital transformation played in the success of the government's plans for economic growth.
Additionally, the integration of these digital services will establish a platform that ensures accountability and security moving forward.
Amarasuriya highlighted that more secure, lawful and accountable systems were needed as situations of fraudulent activity, insecure systems and suspicious transactions are rising globally.
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