Expansion of PayPal services in Sri Lanka officially announced

The expansion of cross-border payment services is anticipated to significantly aid Sri Lankan small businesses and startups in engaging more actively in international trade. Currently, micro, small, and medium-sized enterprises contribute around 52% to Sri Lanka's GDP, highlighting the need for better access to global markets for this sector. Improved payment systems will benefit freelancers, entrepreneurs, small businesses, startups, and digital service providers, offering more secure and trustworthy ways to transact with customers worldwide. During her speech at the event, the Prime Minister stated, “Today is a moment to celebrate, showing that Sri Lanka's role in the digital economy is finally being acknowledged. We are positioning ourselves on both regional and global levels. Our digital economy goals are ambitious, and we expect this area to drive growth and job creation. We have many skilled freelancers in this field, and creating transparent and secure financial services is crucial for our growth strategies. The SME sector, online services, e-commerce, and the digital economy are interconnected, and I believe this rapidly growing sector holds exciting opportunities in the near future. It is vital that online services and payments operate within a secure and accountable framework. Concerns about scams and unsafe systems are rising globally, making the establishment of a globally accepted and integrated platform essential for accountability and security as we move forward. While we prioritize the digital economy, the SME sector, and e-commerce as key growth areas, we must also address issues like social and economic inequality and disparities in development. Our growth must be inclusive, fair, and socially responsible. I am optimistic that our young generation, actively engaged in this transformation, will lead efforts to ensure that Sri Lanka's future growth embodies these values. I hope this collaboration will yield the expected benefits and help our nation not only recover but also establish itself as a trustworthy player on the global stage, capable of achieving more than just following others.” Eranga Weeraratne, the Deputy Minister of Digital Economy, mentioned, “For many years, Sri Lanka has struggled to provide a reliable, simple, and efficient payment solution, despite having skilled individuals, competitive products, and ambitious future plans.”