Its official, PayPal is here

At the PayPal launch in Sri Lanka, (from left): Sampath Bank Managing Director Sanjaya Pradeep Gunawardena, Digital Economy Deputy Minister Eranga Weeraratne, Labour Minister and Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando, Prime Minister Dr. Harini Amarasuriya, PayPal Senior Vice President International Cross Border Trade and APAC General Manager Nadia Syed, Bank of Ceylon General Manager/CEO Y.A. Jayatilaka, and Commercial Bank Managing Director/CEO Sanath Manatunge

 After over a decade of discussions, Govt. and PayPal announce SL launch yesterday

 President’s Office directly engaged with PayPal India for breakthrough 

 Initial banking partners include BOC, Commercial Bank and Sampath Bank

 Govt. says move will support freelancers, SMEs and digital exporters

 CBSL Governor says platform will strengthen regulated foreign exchange inflows

After more than a decade of discussions, and week of speculation, the Government yesterday officially announced the launch of PayPal services in Sri Lanka, marking a significant development in the country’s digital economy and cross-border payments landscape. 

The announcement was made at a high-level event held at the Galle Face Hotel attended by Prime Minister Dr. Harini Amarasuriya, with PayPal services set to be introduced initially through Bank of Ceylon, Commercial Bank of Ceylon and Sampath Bank. Additional banks are expected to join the platform in the coming months. 

The President’s Office said the initiative would improve secure and trusted cross-border payment access for Sri Lankan consumers, freelancers, entrepreneurs, start-ups and businesses, while supporting the country’s broader digital economy strategy. 

Dr. Amarasuriya said the launch reflected growing recognition of Sri Lanka’s role in the digital economy and aligned with the Government’s ambitions to make the sector a major driver of growth and employment.

She said transparent and secure financial systems were critical for the development of freelancers, SMEs, e-commerce businesses and online service providers. 

Digital Economy Deputy Minister Eng. Eranga Weeraratne said Sri Lanka’s digital exports currently amounted to around $ 1.5 b, although a substantial shadow industry had emerged due to difficulties in receiving international payments through formal channels.

He said the Government was also working on regulatory frameworks for digital currencies and virtual assets as part of the country’s wider digital transformation agenda. 

Secretary to the President Dr. Nandika Sanath Kumanayake said expanding the digital economy remained a priority for the Government and noted that discussions on introducing a payment facilitation platform such as PayPal had taken place over the past 10 to 12 years.

He said the President’s Office had directly engaged with PayPal representatives in India to facilitate the latest initiative. 

Central Bank Governor Nandalal Weerasinghe said the initiative would strengthen Sri Lanka’s integration into global markets, particularly in export-oriented and knowledge-based sectors such as software development, digital marketing and e-commerce.

He said the platform would encourage foreign exchange inflows through regulated financial systems while improving transparency and confidence in the financial sector. 

PayPal Director Corporate Affairs for India and South Asia Nath Parameshwaran said the launch reflected collaboration between the Government, regulators, financial institutions and industry stakeholders, while supporting Sri Lanka’s Digital Economy Vision 2030. 

PayPal Senior Vice President International Cross Border Trade and APAC General Manager Nadia Syed said the ability to receive international payments easily through trusted local banks would create new opportunities for Sri Lankan freelancers, entrepreneurs, exporters and start-ups seeking access to global markets.