Though the Central Bank of Sri Lanka (CBSL) was first to introduce PayPal to Sri Lanka through the Sampath Bank, it is revealed that three other banks too have been now earmarked by the CBSL.
A senior official from the CBSL told AdaderanaBiz, “We were to first introduce PayPal through the Sampath Bank. However, we now plan to introduce this service to the country through four banks. We also plan to gradually involve the rest of the banks in the country.”
While the CBSL is discussing with the PayPal branch in India to introduce the service to Sri Lanka, PayPal’s Indian arm has reportedly requested a report on Sri Lanka’s exports.
The senior CBSL official told AdaderanaBiz that they would be submitting such a report and hence the introduction of PayPal to Sri Lanka would face a slight delay.
Though cash cannot be remitted to Sri Lanka through the world renowned PayPal money transfer service sending money from Sri Lanka is possible even now.
While those who provide services to foreign countries would benefit with the opportunity of cash remittances into Sri Lanka it would also help develop this sector.
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Recently we reported that a Sri Lankan bank has begun negotiations with US based PayPal to become its domestic partner bank for inward remittances. The Central Bank of Sri Lanka currently allows outward payments through PayPal via credit cards but the monetary authority prohibits receipts and withdrawals from domestic bank accounts.
However, the Central Bank has planned to ease restrictions and allow inward payments as well.
Now, there are reports that PayPal has unveiled a new global branding campaign designed to put greater focus on its ability to let the people make payments for goods and services anywhere and anytime.
The rebranding comes as the company has grown to have some 148 million active PayPal accounts and has taken on a broad-ranging approach to new mobile payment technologies. The moves have led some analysts to conclude that PayPal faces a promising 2014 and beyond.
Citing its 148 million active customers, PalPal says “no other mobile wallet player can boast these numbers or even come close.”
A Yankee Group survey shows that 15% of U.S. mobile device owners have used a PayPal app recently, which trumps any other mobile wallet by fourfold.
PayPal already puts a strong emphasis on mobile payments, made possible with the PayPal App for consumers that can be downloaded for iOS, Android and Windows Phone.
PayPal has also announced plans to help merchants accept payments with a barcode shown on a phone, or from a customer inputing a 4-digit PIN in a payment terminal in the store.
The branding campaign is PayPal’s first since 2007. It will rely on the slogan, “”Powering the People Economy,” in print, digital and TV advertisements.
A new PayPal logo incorporates the double ‘P’ of the previous logo, but now overlaps the two P’s and uses more vibrant blue colors and a slightly different font.
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