Full access to PayPal soon: ICTA Chief

[sashimaalTop contributor]

The world’s most popular payment gateway service PayPal which facilitates e-commerce across borders will be opened up for Sri Lankans very soon, Sri Lanka’s state-run ICT agency Chief said. According to the Information and Communication Technology Agency (ICTA) CEO Muhunthan Canagey, his agency is currently in the process of initiating a broad payment platform where all local banks will be on board.

“Yes, it’s going to be opened. But what we want to make sure is that the local financial institutions become a part of it before it gets off the ground,” said Canagey. While users from Sri Lanka are able to pay sellers in other countries for their purchases via the service, PayPal had barred Sri Lankans from receiving payments due to both the size of the Sri Lankan economy and the unavailability of data about Lankan markets.

Speaking at the Sri Lanka Economic Summit organized by the Ceylon Chamber of Commerce under the theme, ‘The power of social media for exports’, Canagey emphasized they were committed in creating financial and social inclusivity through the platform. It was previous Central Bank Governor Ajith Nivard Cabraal who announced that the government was planning to allow inward payments through PayPal, though it never took off ground.

PayPal will open an integral avenue for the startups and the small and medium scale enterprises to take their products to the global markets while receiving payments online, providing the much needed boost for country’s exports. The PayPal service allows e-commerce merchants to receive payments for their goods from across the globe in return for a 1.9-2.2 percent commission for each transaction. In the absence of a payment gateway, a handful of Sri Lankan banks had set up their very own Internet payment portals, charging exorbitant annual rental fees in addition to over 3 percent in commissions, neglecting all but a select number of clientele.

Senior Vice President/General Manager and Head of Digital at Virtusa, Madu Ratnayake said the social technology will mostly enable the entrepreneurs to reach scale and in turn will help achieving the US $ 50 billion export target.

- See more at: http://www.dailymirror.lk/82277/full-access-to-paypal-soon-icta-chief#sthash.0IhHFIyo.dpuf

[yellow knifeTop contributor]

This is a very good move

Even I should have run one  web more successfully had I this facility earlier...

[balapasTop contributor]

Heard this for the past 3-4 years. A real stalemate story now.

[balapasTop contributor]

OK seems like there is some progress of Paypal inward payments made available to Sri Lanka.

"The regional head of PayPal is scheduled to visit Sri Lanka to hold discussions with officials regarding freeing Paypal’s inward payment service for Sri Lankans, Telecommunications and Digital Infrastructure Minister Harin Fernando stated.

“The regional head of PayPal will visit Sri Lanka tomorrow (03). He is scheduled to hold talks with the Governor of the Central Bank and Minister of Finance regarding this issue, “Minister added.

PayPal Holdings Incorporation is an American company operating worldwide. It is an online payments system established in 1998."

http://www.dailynews.lk/?q=2016/02/02/local/paypal-inwards-payments-sri-lanka

[yellow knifeTop contributor]

Heard this for the past 3-4 years. A real stalemate story now.

Today 1st of April 2016 This is again what we here..

PAYPAL entrance bleak for Sri Lanka.

The local business community will have to muster patience further as PayPal, the giant in the online payment sphere perceives Sri Lanka to be " too small to enter and as result doesn't depict an attractive profitability ratio for the company .

DailyFt