Sri Lanka is set to take a fresh approach to the much-anticipated PayPal online payment platform, widely requested by the country’s online business community, according to senior government sources quoted by The Sunday Times.
The government reportedly plans to introduce PayPal services in India. A source indicated that discussions will be held with PayPal, the American company, to expand its existing services in India as an initial step.
PayPal is essential for overseas online transactions, especially for Sri Lankan micro, small, and medium-scale entrepreneurs who sell their products to foreign customers. Recognizing this need, Sri Lanka’s business community has long appealed to past governments and Central Bank governors to facilitate PayPal’s activation in the country. However, PayPal has previously been hesitant to expand to Sri Lanka, citing various reasons.
Although a Central Bank team has worked on this matter, efforts have not yet been successful. “We may look into launching PayPal from India initially to bring this service into the country,” a source told *The Sunday Times Business*.
