CBSL talks with PayPal and Stripe
The Central Bank of Sri Lanka (CBSL) plans to refresh its talks with popular worldwide online payments system PayPal on its inward access to Sri Lanka, as early as possible, and also they plan to start talks with another payment gateway provider, Stripe to enter Sri Lanka, CBSL officials said.
Stripe is a US technology company, operating in over 25 countries, that allows both private individuals and businesses to accept payments over the Internet.
As exporters, PayPal is a very important digital payment method. There are many individuals and small and medium businesses that provide online services. But Sri Lanka not supporting PayPal has become a barrier for them to continue.
At the moment, cash cannot be remitted to Sri Lanka through the world-renowned PayPal money transfer service sending money from Sri Lanka is possible now.
“We are fully committed to promoting the digital economy. Unfortunately Sri Lankan market is too small for them. However, we will try our best to convince them and keep up a dialogue to gain this restricted inward PayPal access to Sri Lanka,” CBSL officials said.