March, 29, 2014
The discussions with a local bank to represent the US based PayPal money transferring services in Sri Lanka is progressing, Central Bank Governor Ajith Nivaard Cabral revealed exclusively to AdaderanaBiz.
The Governor revealed this during a discussion with AdaderanaBiz that he believes these services would be introduced to Sri Lanka before the end of this year.
According to the existing regulations in Sri Lanka, outward cash remittances could be made to other countries through PayPal but inward remittances are not permitted.
However, the Central Bank is by now preparing to provide the facilities for inward remittances as well through PayPal.
Providing the opportunity to those in Sri Lanka to receive cash from anywhere in the world would greatly assist those who provide services to foreign countries it would also encourage this service sector.
For instance, groups in countries like the US and Vietnam engage in selling through websites such as ebay.com and also engage in a wide spectrum of businesses in the goods and services sector through PayPal.
PayPal is an international e-commerce business for payments and money transfers through the internet. Online money transfers serve as electronic alternatives to paying with traditional methods such as checks and money orders.