Pay Freedoms

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

Feb 22, 2014 (LBO) – A bank in Sri Lanka is in talks with US-based Paypal to become its partner bank for inward remittances, Central Bank Governor Nivard Cabraal said. But larger transactions like tourism services are also sold in many countries using Paypal.

Sri Lanka allows outward payments through Paypal via credit cards, but receipts and withdrawals from a domestic bank account are still not allowed.

Cabraal promised to free inward payments last year saying Sri Lanka must move with the times.

At a meeting with foreign correspondents based in Colombo Cabraal said one bank was in talks to become the correspondent bank for Paypal in Sri Lanka which will allow inward remittances.

Paypal inward remittances could boost e-commerce, crowdsourced outsourcing activity and as it has become a popular and less costly method for small payments.