PayPal officially announced the expansion of its services to Sri Lanka yesterday (16), marking a major development for freelancers, online businesses, and digital entrepreneurs in the country.
Until now, Sri Lankan PayPal accounts were restricted to “Send Only” functionality, allowing users to make payments abroad but preventing them from receiving payments from international clients.
The restriction had long been considered a major obstacle for Sri Lankan freelancers and businesses operating on global online platforms.
With the new expansion, small and medium-sized enterprises and online service providers will now be able to receive earnings directly into local bank accounts, a move expected to increase official foreign exchange inflows into the country.
Under the initial phase of the rollout, PayPal services will be introduced through:
Officials stated that additional banks are expected to join the service in the future.
Founded in California in 1998, PayPal is one of the world’s largest digital payment platforms, serving more than 430 million users across over 200 countries and processing more than US$1.5 trillion in annual transactions.
The platform is widely used for global freelancing, e-commerce, and online business transactions.
Further details on accessing the expanded services are expected to be announced by participating banks, while individuals and businesses seeking additional information have been advised to contact their respective banks directly.
The official announcement was made during an event held at Galle Face Hotel under the patronage of Harini Amarasuriya.
