PayPal lists Sri Lanka for 2017; Stripe to enter: Harin Fernando


Mar 25, 2016 (LBO) – Popular worldwide online payments system PayPal has listed Sri Lanka for 2017, Minister of Telecommunications and Digital Infrastructure Harin Fernando said.

“PayPal has listed us 2017, for them SL market is too small but we have convinced them and keeping a dialog, we have done our part,” Fernando said in his official twitter account.

However, It is not yet clear whether Sri Lanka will gain the inward access to Paypal by next year.

Established in 1998, PayPal had its IPO in 2002, and became a wholly owned subsidiary of eBay later that year.

In 2014, PayPal moved 228 billion US dollars in 26 currencies across more than 190 nations, generating total revenue of 7.9 billion US dollars.

Fernando however said one of the fastest growing payment gateway providers, Stripe is to enter Sri Lanka and ICTA is now working with stakeholders to conclude paperwork approvals.

“Startups and small businesses can sell their products and receive payments to their local bank account through Stripe soon.” Fernando said.

Stripe is an Irish technology company that allows both private individuals and businesses to accept payments over the Internet.

Stripe focuses on providing the technical, fraud prevention, and banking infrastructure required to operate online payment systems.