Central Bank to introduce PayPal very soon

Even though, the Central Bank of Sri Lanka tried to introduce the world’s most popular money transfer service Paypal to Sri Lanka sooner, most reliable sources indicates that it might take a longer than expected.

This delay has been due to PayPal not showing keenness in introducing the service to Sri Lanka and also deciding to conduct a study on its implementation before introducing it.

Initially, the Central Bank was to introduce PayPal to Sri Lanka through Sampath Bank. However, it later decided to involve three other banks as well into this process.

The Central Bank discussed with India’s PayPal branch in this regard and it was revealed that PayPal India had requested for a report on Sri Lanka’s exports.

Though currently inward transmitting of money into Sri Lanka cannot be done through PayPal outward transmitting could be done from Sri Lanka.

By introducing PayPal services to Sri Lanka those providing services to foreign countries would largely benefit and would lead to the development of this sector

-adaderana.lk