Wednesday Jun 10, 2026
Wednesday Jun 10, 2026
Friday, 8 May 2026 04:30 - - {{hitsCtrl.values.hits}}
PayPal is set to launch in Sri Lanka on 15 May, in a move expected to expand formal digital payment channels, initially starting with business-to-business (B2B) payments to exporters.
According to sources, the initial rollout will focus on enabling inward payments to exporters, with several local banks already appointed as agents for the service.
While an official announcement is yet to be made, sources said the launch is currently scheduled for 15 May, with the Presidential Secretariat likely to host the event.
Banking sector officials have already participated in familiarisation sessions relating to PayPal’s entry into Sri Lanka, while PayPal representatives are understood to have visited the country last month for discussions with local stakeholders and financial institutions regarding the rollout framework.
The move follows months of engagement between the Government, the Central Bank of Sri Lanka (CBSL), and the private sector, aimed at enabling regulated inward remittance functionality through the global online payments platform.
In February, Digital Economy Ministry Secretary Waruna Sri Dhanapala said Sri Lanka had entered the final stage of enabling inward remittances through PayPal, describing it as a key milestone in modernising the country’s digital payments ecosystem.
He noted that although no formal announcement had yet been issued at the time, consultations with CBSL officials overseeing bank supervision and payments confirmed that the initiative was progressing and had entered its concluding phase.
The introduction of PayPal inward payment capabilities is expected to remove longstanding restrictions that prevented Sri Lankan users from receiving payments through the platform.
Once operational, small and medium-scale enterprises, freelancers, and internet-based service providers are expected to gain access to a regulated mechanism for receiving foreign income beyond conventional card-based systems. Officials say the absence of Sri Lanka-specific PayPal receiving functionality had previously compelled many local entrepreneurs and freelancers to rely on overseas or proxy addresses to open foreign accounts, resulting in foreign exchange leakages and limited regulatory oversight.
Under the proposed framework, transactions are expected to fall within the CBSL’s regulatory supervision, improving transparency while strengthening formal foreign currency inflows into the banking system.
