Although Sri Lankans are able to use PayPal, a popular form of sending and receiving online payments worldwide to make online payments, it is not possible to receive payments through the service as a country representative has not been appointed.
“Paypal will be accepted a proper transaction platform by the Central Bank of Sri Lanka (CBSL) only if measures are to be taken in appointing a ‘representative’- an institution or official, to oversee activities in the country and to stand responsible for the transparency of the service, Controller of Exchange at CBSL ,P.H.O Chandrawansa told The Nation last week.
His comments were made in the backdrop of a UNCTAD survey pointing out that local software application developers were facing challenges in earning revenues as the electronic payment gateway does not allow for in bound payments.
Speaking to the Nation, the controller also noted that this restriction on in-bound payments is not any kind of “Exchange control barrier” by the authority.
“PayPal maybe a useful service to citizens, but unless it negotiates with the state as a proper service in a more official approach, we cannot allow locals to make use of it. There is a procedure to be followed” Chandrawansa noted. Adding to it, he also said that as the Regulator, the Central bank is considerate about the safety of the citizens, in the monetary context. When inquired if the negotiations will take place anytime soon, Chandrawansa said “PayPal should approach Central Bank sooner or later, it is in their hands”.
Paypal, a US based global e-commerce business that facilitate online money transfers holds fund in 25 currencies worldwide, operates in approximately 190 countries.