In a development long anticipated by Sri Lankan freelancers, entrepreneurs, and digital businesses, PayPal is set to officially launch in the country through an initial partnership with three major state and private banks.
Prime Minister Dr. Harini Amarasuriya on Friday welcomed the initiative, describing it as a milestone in Sri Lanka’s digital economy ambitions. Bank of Ceylon, Commercial Bank of Ceylon, and Sampath Bank PLC will be the first to offer PayPal services, with more banks expected to join in the coming months.
For many Sri Lankans, this marks the arrival of a facility they had been seeking for nearly a decade. Freelancers and small business owners who relied on workarounds, third-party services, or simply missed out on global opportunities due to the absence of a trusted platform like PayPal can now look forward to seamless cross-border transactions.
The move is expected to significantly boost Sri Lanka’s digital economy by providing secure and reliable access to international markets. The country’s micro, small, and medium-sized enterprises (MSMEs), which contribute around 52% of national GDP, stand to gain immensely through easier participation in global e-commerce and digital services.
Speaking at an industry event attended by government officials, banking leaders, and industry representatives, Prime Minister Amarasuriya highlighted the broader vision behind the partnership.
“This is indeed a moment of celebration, and I think one that is testament to the fact that Sri Lanka’s role in the digital economy is finally being recognised,” she said. “We have ambitious targets for our digital economy, and this is expected to become one of our primary areas of growth and job creation. We also have many talented freelancers in this sector, and establishing a system of transparent and secure financial services is absolutely important to our growth strategies.”
Dr. Amarasuriya stressed the importance of security and accountability in digital payments, noting rising global concerns over scams and fraudulent transactions.
“We have seen increasing concerns globally about scams, insecure systems and dubious transactions, so establishing a globally accepted and integrated platform that ensures accountability and security is essential as we move forward,” she added.
The Prime Minister also underscored that Sri Lanka’s economic growth strategy rests on two core principles: equity and transparency. She called for inclusive growth that leaves no one behind, particularly as the country seeks to empower its youth and address longstanding issues of social and economic disparity.
Freelancers, start-ups, e-commerce players, and digital service providers are expected to be the biggest beneficiaries, gaining access to a trusted global payment system that enhances their competitiveness in the international arena.
The collaboration between Sri Lankan banks and PayPal is seen as a concrete step toward recovery, resilience, and positioning the country as a credible player in the regional and global digital economy.
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