Paypal Launches In Sri Lanka To Boost Digital Economy Growth

(MENAFN- Colombo Gazette) PayPal has been officially launched in Sri Lanka, marking a major step forward in the country's transition toward a fully digital economy through integration with the domestic banking system.

The launch event was held on May 15 under the patronage of Prime Minister Harini Amarasuriya, who commended the collaboration between PayPal and Sri Lanka's banking sector as a key milestone aligned with the government's digital economy vision.

The service will initially be available through leading banking partners including Bank of Ceylon, Commercial Bank of Ceylon, and Sampath Bank, with more banks expected to join in the coming months.

The introduction of PayPal enables Sri Lankan consumers, freelancers, entrepreneurs, and businesses to access a secure international payment platform, helping them connect more effectively with global markets. This is expected to particularly benefit small and medium enterprises, which contribute around 52 percent to the country's GDP, by expanding their participation in international trade.

The initiative also aims to strengthen transparency and security within the financial ecosystem, addressing concerns related to fraud and unreliable transactions while supporting inclusive economic growth and digital entrepreneurship.

PayPal noted that Sri Lanka has a strong base of skilled freelancers and entrepreneurs capable of serving global demand. The new service is expected to remove existing barriers to receiving payments from overseas, creating a more seamless and reliable payment experience.

Further details on service availability are expected to be announced by participating banks in the coming weeks as the country continues to expand its digital financial infrastructure.

The launch event was attended by Central Bank Governor Nandalal Weerasinghe, Deputy Minister of Digital Economy Eranga Weeraratne, Minister Anil Jayantha, PayPal Senior Vice President Nadia Sayed, along with senior government officials and industry representatives.

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