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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka looking at freeing inward Paypal payments: CB Governor

Sri Lanka looking at freeing inward Paypal payments: CB Governor

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balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This is something talked about a lot in the past. Hope there will be action soon.

May 30, 2013 (LBO) - Sri Lanka is looking to give the freedom of getting inward payments through Paypal, a cost-effective global remittance and payments system that has helped boost e-commerce in many countries, Central Bank Governor Nivard Cabraal said.

"We are looking at it seriously," Central Bank Governor Nivard Cabraal told LBO.
"We have to move with the times."

Cabraal had progressively removed several odd exchange controls imposed on Sri Lankan citizens in the past, expanding their economic freedoms. Critics say many exchange controls are violated by the rich and powerful but only held back the activities of honest citizens.

Exchange controls were slapped on citizens in many countries after 1950 after they joined the failed Bretton Woods system which tried to defy laws of nature by printing money and trying to maintain an exchange rate peg at the same time.

Sri Lankan's can currently make use of the Paypal system to make payments via their credit cards which results in an outflow of cash but cannot receive cash because the system's accounts are not allowed to be linked to banks accounts in this country.

Paypal has expanded worldwide helping make small payments to internet based businesses.

People from USA to Vietnam are using Paypal to run a variety of businesses ranging from selling goods online through ebay.com an auction site running flower delivery businesses and small time outsourcing activities.

Lack of Paypal inward remittance had been a key problem for expanding internet based business in Sri Lanka especially small time outsourcing work done through the internet by independent workers.

To receive money through conventional means such as mailed cheques or cash transfer companies results in high fees charged to Sri Lankan receivers, each time a remittance is made.

Source: http://www.lankabusinessonline.com/news/sri-lanka-looking-at-freeing-inward-paypal-payments:-cb-governor/1101398516

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Good move

K.Haputantri

K.Haputantri
Co-Admin
A welcome initiative by CB Govenor.

laksharemk


Senior Equity Analytic
Senior Equity Analytic
Very good move which will boost internet based small and medium businesses

sharekhan

sharekhan
Senior Equity Analytic
Senior Equity Analytic
It will be great if they can manage to tie it with some of the Banks.....

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
යන්තම් ඇති .
රටට එන්න තිබුන ඩොලර් කි ලක්ෂයක් අපතේ ගියාද මේක නැතුව. පුදුම වැඩේ කියන්නේ Paypal මගින් අපේ සල්ලි එලියට යවන්න පහසුකම තිබුන රටට ගෙන්න බැහැ .

This will be a good news for the people who market their products in the web. There are lot of opportunities to market your custom build products in the Internet and you can use Paypal to get the payment from your clients.

I know a young man who wanted to sell top grade Cinnamon in retail packs to individual homes through internet and non availability of inward PayPal stalled the business.

We were to arrange inward Paypal to a friend in Thailand .
If they allow this it will be very helpful to our young people who generate business through internet.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
I agree with this move of Mr. A.N.C

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
After some time, a good deed is done by Mr. Cabraal.

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
http://billionceylon.com/

Above is the link of the web site we operate ( Me and a friend of mine )
Still we are in the initial stage and there will be lot of changes to the site in coming weeks.

Thank you CB

Takecharge


Manager - Equity Analytics
Manager - Equity Analytics
@Arena wrote:http://billionceylon.com/

Above is the link of the web site we operate ( Me and a friend of mine )
Still we are in the initial stage and there will be lot of changes to the site in coming weeks.

Thank you CB
Do u accept Paypal as payment method ?

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Kabba used his brain after a long time

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Dear Takecharge

Yep we accept even be4 this is being approved using a foreign bank account.....Now hope we can reduce the cost.

Just visit the site and see.

Barren Wuffete


Stock Analytic
Stock Analytic
Sri Lanka looking at freeing inward Paypal payments: CB Governor
Link- http://www.lankabusinessonline.com/news/sri-lanka-looking-at-freeing-inward-paypal-payments:-cb-governor/1101398516
May 30, 2013 (LBO) - Sri Lanka is looking to give the freedom of getting inward payments through Paypal, a cost-effective global remittance and payments system that has helped boost e-commerce in many countries, Central Bank Governor Nivard Cabraal said.

"We are looking at it seriously," Central Bank Governor Nivard Cabraal told LBO.
"We have to move with the times."

Cabraal had progressively removed several odd exchange controls imposed on Sri Lankan citizens in the past, expanding their economic freedoms. Critics say many exchange controls are violated by the rich and powerful but only held back the activities of honest citizens.

Exchange controls were slapped on citizens in many countries after 1950 after they joined the failed Bretton Woods system which tried to defy laws of nature by printing money and trying to maintain an exchange rate peg at the same time.

Sri Lankan's can currently make use of the Paypal system to make payments via their credit cards which results in an outflow of cash but cannot receive cash because the system's accounts are not allowed to be linked to banks accounts in this country.

Paypal has expanded worldwide helping make small payments to internet based businesses.

People from USA to Vietnam are using Paypal to run a variety of businesses ranging from selling goods online through ebay.com an auction site running flower delivery businesses and small time outsourcing activities.

Lack of Paypal inward remittance had been a key problem for expanding internet based business in Sri Lanka especially small time outsourcing work done through the internet by independent workers.
To receive money through conventional means such as mailed cheques or cash transfer companies results in high fees charged to Sri Lankan receivers, each time a remittance is made.

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
You can add ur credit or debt card to paypal, as the service providers of those have a international presence eg: Visa, Master card, Amex. But there is a problem of adding ur local bank a/c to paypal as our banking system is not added to pay pal system.

Another problem that will arise when implementing this, is that our banking system is not standardizes. For example different banks have different account coding systems. Com bank a/c may have 6 digits, BOC may have 9 digits etc. Also we really dont use the branch code to denote account holding branch. We just write the city where the branch is located. Its high time to standardize the industry, so that it will be easy to move with the global markets.
For example in UK every bank a/c number has same number of digits whatever the bank. & there is something called sort code eg: 00-00-00, Every bank a/c has a sort code as well, which denotes what bank, what branch etc information,

Takecharge


Manager - Equity Analytics
Manager - Equity Analytics
i guess local banks need to work w/PayPal to sort these problems out.

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