Global digital payment platform PayPal is expected to begin operations in Sri Lanka from Friday (15), amid growing indications of expanded support for local users.
Sri Lankan users are expected to be able to make international payments through PayPal, including payments for overseas services and online purchases, while locally issued debit and credit cards can also be linked to PayPal accounts to facilitate transactions.
The platform allows users to make payments without directly sharing card details with third-party websites, providing an additional layer of payment security.
Further fueling speculation over PayPal’s Sri Lanka rollout, the company has listed several local financial institutions under a newly added “Partner Banks in Sri Lanka” section on its website.
The page names Sampath Bank, Commercial Bank of Ceylon and Bank of Ceylon (BOC) as partner banks.
According to the PayPal page, users can either create a new PayPal account or link an existing account to a local bank account in order to start receiving and withdrawing funds.
The development is expected to benefit Sri Lankan freelancers, online businesses and digital service providers who have long faced restrictions in accessing full PayPal services, particularly direct withdrawals and complete payment functionality, compared to users in many other countries.
However, neither PayPal nor the listed Sri Lankan banks have issued an official statement clarifying the scope of the partnership or confirming what new services will be fully available to local users. (Newswire)