Sri Lanka is in the final stage of enabling inward remittances through PayPal, Secretary to the Ministry of Digital Economy Waruna Sri Dhanapala stated.

The initiative, coordinated with private banks and the Central Bank, will allow local businesses, especially online service providers, to receive foreign payments formally.

Previously, the lack of a Sri Lankan address forced businesses to use foreign accounts, causing loss of foreign exchange.

The new system will operate under Central Bank regulations, promoting transparency and encouraging users to shift from informal remittance methods like Undiyal.