PayPal Launched in Sri Lanka to Strengthen the Digital Economy

Marking a significant milestone in Sri Lanka’s journey toward a fully digital economy, PayPal, one of the world’s leading online payment platforms has been introduced to Sri Lanka through integration with the domestic banking system.

The official launch of the service took place today (15) under the patronage of Hon. Prime Minister Dr. Harini Amarasuriya.

Aligned with the Government of Sri Lanka’s digital economy vision, the new collaboration between the local banking sector and PayPal was highly commended by the Prime Minister.

This initiative is recognized as a transformative step in positioning Sri Lanka’s digital economy at both regional and global levels. The service will initially be made available to customers through key banking partners, including Bank of Ceylon, Commercial Bank, and Sampath Bank, with several other banks expected to join the initiative in the coming months.

This development enables Sri Lankan consumers, freelancers, entrepreneurs, and emerging businesses to access a secure and trusted international payment system.

The country’s digital economy agenda is primarily focused on fostering inclusive growth and promoting digital entrepreneurship while strengthening Sri Lanka’s integration with global markets.

The expansion of international payment services is expected to significantly support small and medium enterprises (SMEs) in becoming active participants in global trade.

The SME sector, which contributes approximately 52% of Sri Lanka’s GDP, stands to benefit greatly from enhanced access to international markets. Establishing a transparent and accountable global financial ecosystem is also expected to help address longstanding concerns related to fraud and insecure transactions.

In particular, the youth are expected to actively engage in this digital transformation, with the government emphasizing that their future growth should be rooted in equality and transparency.

PayPal has also highlighted that Sri Lanka is home to a large pool of skilled freelancers and entrepreneurs capable of meeting global demand. This partnership is expected to remove barriers in receiving payments from abroad, thereby creating a more seamless and reliable payment ecosystem.

In the coming weeks, the respective banks are expected to announce further details on service availability for customers, which will further strengthen the country’s digital financial ecosystem.

The event was attended by the Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe; Deputy Minister of Digital Economy, Eng.Eranga Weeraratne; Hon. Minister of Labour and Deputy Minister of Finance and Planning, Dr. Anil Jayantha; Senior Vice President of PayPal, Ms. Nadia Sayed; senior government officials; industry leaders; and representatives from participating financial institutions, including Bank of Ceylon, Commercial Bank, and Sampath Bank