PayPal, comes to limelight once again

The Central Bank has already commenced discussions with international payment service providers, such as PayPal, to enable payment receipt facilities for Sri Lankan residents, Governor of the bank W.D.Lakshman divulged on Monday.

Presenting the monetary and financial sector policies for 2021, the Governor said that he expects positive outcomes in this regard in the near future.

“The Central Bank is actively seeking possibilities to develop and promote other forms 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 said.

As the future of the global financial architecture is 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.

The need of government facilitation for PayPal to start inward foreign remittance service was highlighted by Business Times in June last year and it has received high response from readers countrywide. 

Sri Lankan youths engaged in web design and development, graphic designing and more have made a request from the high officials at meetings on a number of times but to no avail, a group of youths said. 

One of the problems the entrepreneurs are facing today is the absence of a mechanism to receive payments online from the consumers if they are engaging in e-commerce in its proper sense.

At present Sri Lankans can send money to any PayPal user, but they cannot receive money from anyone through PayPal.

So clients deny offers from local freelancers working online as they are required to use complex money transfer methods and hire people from countries that support PayPal, several members of the Online Entrepreneurs Society complained

The government is now very keen to bring PayPal or a similar facility for the benefit of information technology workers who also want to receive inward payments, official source said. (BS)