March, 10, 2014
A Sri Lankan bank has begun negotiations with US based PayPal to become its domestic partner bank for inward remittances, Central Bank Governor Ajith Nivard Cabraal told the foreign media in Colombo.
The Central Bank currently allows outward payments through PayPal via credit cards but the monetary authority prohibits receipts and withdrawals from domestic bank accounts.
However, the Central Bank has planned to ease restrictions and allow inward payments.
PayPal, a popular and comparatively low cost money transfer service will help boost mobile commerce, electronic fund transfers, supply chain management, internet marketing and online transaction processing.