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“Regional head of PayPal will visit Sri Lanka this Wednesday. He is scheduled to have talks with Central Bank Governor and Finance Minister about this matter,” he said. Paypal is a worldwide payments system that evolved out of the US, where small payments can be sent to over 190 countries at the moment. Full Paypal freedoms are available in most free countries but some nations, including Sri Lanka are yet to allow payments to be received and withdrawn via Paypal. Sri Lanka has already freed outward payments by Paypal accounts, which can be linked to credit cards.
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But to run a Sri Lanka based e-business selling goods, or to provide professional services abroad, a Paypal account must be able to receive money.
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Small e-service providers – especially individuals – have been asking for the service. Many free countries in Asia, including Japan and South Korea allow full Paypal freedoms.
Sad. politicians talk about knowledge economy, when we do not have Paypal inward. It shows that the top rung guys are sooooo ignorant!
Paypal inward will allow small produces to enter the global market. Why has there been such a long delay in making this simple move…? National average IQ of 79…
National Average IQ of 79 and the worst ones are in parliament.
Average IQ 79 is really shocking indeed, and most people fail to realize education has very little to do with persons Intelligence. As I see it,Education is only a supplement to the Intelligence and not a substitute for Intelligence. Overall in Sri Lanka what we have is bunch of educated morons…wouldn’t you agree?
I have some experience of the University system at post graduate level. Independent thinking is very difficult to develop – not because of the professors who try their best – but because the students are simply NOT interested. They simply want to get their degrees in order to advance their career respects. What they are most interested in is “what will come for the exam”.
They also cheat TERRIBLY on attendance and exams and even when they are caught cheating they “shape” things very smoothly.
There is a HUGE network of those who have graduated from local universities who “help” each other. This network extends through all government departments and I have encountered it in several. It serves very well to subvert processes even breaking standing regulations like for instance the disclosure rules governing private accounts in banks both government banks as well as private. Whatever you do here you have to WATCH OUT for this underground network.
Long time ago when I was participating in a forum about Economic Integration, I met some officials from the Sri Lanka Central Bank. During the lunch I asked them, why they are not open to payment systems like Paypal and Interact, which could increase the market participation for many sectors including Tourism and Hand-craft industries.
Here comes the answer as I heard on that day “Most of our staff don’t understand Online stuff, Isn’t Paypal used for underground money laundering?”, I was thinking to myself May God Help Sri Lanka….
How could Sri Lanka going to build knowledge based economy, when Ministers don’t know the difference between Analog and Digital, When Officials don’t know what Paypal is and how could it be beneficial to Sri Lankan economy? May God Help Sri Lanka Indeed…..
Finally! This will help the SL economy in so many ways. MP Harin Fernando is focusing on the correct matter! Exemplary of the kind of impact a good young focused politician can have on a country.
Indian exporters have a model with PayPal.
It suits the Indian government (tax and exchange) the Indian exporters work to that order,
and small time western buyers are happy – because there is a pay pal guarantee.
Just open this for us and the entrepreneurs in the country would do the rest to strengthen the economy.
We are throwing away a lot of business just because we can’t get payments down.
Comments in the thread says enabling the PayPal would solve all the woes. I don’t think so. Country has to do lots of behavioral and attitude fixes to position us well in the current competition. Amazon, Ebay and many put us in to the begative list due to lethargic and dishonest approach in the trade. On the other hand, if you are smart enough should know the alternative means. Since 2006, I was solely depending on selling my services to the west. I have enough means to get the funds transfered to Colombo. We have 99% everything in place, but crying for remaining 1%. Opening up the currency laws is one thing. But first we have to introduce the honesty to everyone. We are loosing foreign exchange thanks to Hawala, Undial and many other behind the curtain systems. Yet policy makers paying no attention. Ideally wat should happen is allowing the inward remits through PayPal and controlling the outward limits. Look at India. Indians can receive the payments but the sending or paying through PayPal is restricted and need to follow strict banking guidelines.