Central Bank expects payment receipt facility for SL from payment providers like PayPal

Jan 04, 2021 (LBO) – Sri Lanka’s Central Bank has already commenced discussions with international payment service providers, such as PayPal, to enable payment receipt facilities for Sri Lankan residents, Governor W D Lakshman said.

Introducing the monetary and financial sector policies for 2021, Governor said that he expects positive outcomes in this regard in the near future.

“The Central Bank is actively seeking possibilities to develop and promote other forms of payment mechanisms to attract capital flows and to enable e-commerce, thus facilitating cross-border trade. An implementation framework for Open Banking in Sri Lanka is being investigated,” he highlighted.

“As the future of the global financial architecture is essentially digital, the Central Bank will continue its deliberations with local and international stakeholders on its treatment of digital currencies, using thorough cost-benefit analyses and a long-term perspective.”