May, 14, 2014
Though the Central Bank of Sri Lanka (CBSL) was first to introduce PayPal to Sri Lanka through the Sampath Bank, it is revealed that three other banks too have been now earmarked by the CBSL.
A senior official from the CBSL told AdaderanaBiz, “We were to first introduce PayPal through the Sampath Bank. However, we now plan to introduce this service to the country through four banks. We also plan to gradually involve the rest of the banks in the country.”
While the CBSL is discussing with the PayPal branch in India to introduce the service to Sri Lanka, PayPal’s Indian arm has reportedly requested a report on Sri Lanka’s exports.
The senior CBSL official told AdaderanaBiz that they would be submitting such a report and hence the introduction of PayPal to Sri Lanka would face a slight delay.
Though cash cannot be remitted to Sri Lanka through the world renowned PayPal money transfer service sending money from Sri Lanka is possible even now.
While those who provide services to foreign countries would benefit with the opportunity of cash remittances into Sri Lanka it would also help develop this sector.