Sri Lankan ICT entrepreneurs have been asking that inward payments by Paypal be facilitated. I’ve pushed it in various settings. Government has promised it would do this many times. But nothing has happened. Here is the latest promise:
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.
– See more at: http://www.dailymirror.lk/82277/full-access-to-paypal-soon-icta-chief#sthash.Fxqzhxc1.dpuf