Central Bank Governor Nivard Cabraal said Sri Lankan bank accounts can receive inward payments from PayPal® very soon. He also mentioned that the Central Bank is considering relaxing some of the exchange controls which does not serve effectively in the new technology age.
PayPal is a cost efficient way of handling payments through internet. It supports all major credit cards and can be used effectively as an alternative to a high costly payment gateway account setup with a bank. Because of its cost efficient commissioning options, PayPal is attracted specially by the small scale internet business which can range from a small cake delivery business to a large e-commerce sites like eBay. Also, PayPal hides and manages some of the multiple credit/debit card management and bank account management from the users making it easier and secure as well.
As a country with emerging IT market, it is expected to have a positive impact in the long term because of this relaxation. A freelancer can now get their payments at the lowest commission overhead. Many small businesses can start their online selling at a lower operational cost. Other developing countries have gained significantly in their e-commerce based internet presence with PayPal.
With the feedback that we’ve got so far, critics hope these decisions will be effective sooner rather than later. “It’s already late!”
(Photo Credits: http://www.businesstoday.lk , http://www.businessdirect.bt.com)
Nice.
Any updates?
Seems in Sri Lankan standard, sooner means more than a year :S