Sri Lanka is set to take a major leap in its digital economy with the launch of direct PayPal payment receiving facilities from May 15, marking a long-awaited breakthrough for local freelancers, entrepreneurs and online service providers.
The government announced that all arrangements have been finalized to enable direct receipt of funds through PayPal, one of the world’s leading online payment platforms, following years of appeals from the country’s business and technology sectors.
The initiative became possible after months of discussions involving the Ministry of Digital Economy, the Central Bank of Sri Lanka and the private banking sector to remove legal and technical barriers that had previously blocked direct PayPal transfers into the country.
With the new system in place, local users will no longer be forced to depend on unofficial money transfer methods or overseas addresses to receive payments from international clients.
The government stated that the move is expected to provide significant support to small and medium-scale online businesses by allowing payments to be deposited directly into local bank accounts, while also strengthening official foreign exchange inflows to the country.
Authorities further noted that the entire process will operate under the supervision of the Central Bank, ensuring transparency in transactions and improving the collection of tax revenue linked to online earnings.
Economic analysts believe the introduction of the service will become a major milestone in the expansion of Sri Lanka’s digital commerce sector and create new opportunities for the country’s growing freelance and IT workforce.
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