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Message: <blockquote data-quote="BloodStorm" data-source="post: 25000939" data-attributes="member: 443963">The Central Bank of Sri Lanka (CBSL) has decided to abandon  discussions with online payment providers PayPal and Stripe, at least  for the time being, a top CBSL official told Ceylon FT. "Sri Lanka's  online market might be too small for them to operate; therefore, they  were not keen to provide their full services to Sri Lanka at this point  in time," he said. However, the official said that Stripe is  willing to commence operations directly in Sri Lanka without any local  partnership - but Sri Lankan laws prohibit such independent operations. "According  to existing laws, all payment providers must tie up with local  financial institutions if they wish to provide services to Sri Lanka,"  he said. He said Stripe was not interested in any joint ventures with local companies. PayPal  is the world's most widely-used online payment mode, but there are a  number of developing countries like Sri Lanka where PayPal does not work  for inward remittance. Therefore, most of Sri Lanka's SMEs face severe problems for their inward remittance operations. There  are 1.6 million globally accepted credit cards in Sri Lanka, while the  number of debit cardholders is well above 20 million. Stripe is  considered an alternative to PayPal and facilitates a simple way to  accept payments from local customers. Stripe accepts a variety of  payment methods, including cards such as Visa, MasterCard, American  Express and JCB. In addition, Stripe can process transactions in around  100 currencies. Currently, businesses should be based in Canada,  UK, Australia, United States, Ireland, Australia, Belgium, Finland,  France, Germany, Luxembourg, Netherlands, Spain, Denmark, Norway,  Sweden, Austria, Italy and Switzerland to receive payments from Stripe. Using  Stripe, can integrate payment processing into their websites without  having to register and maintain a merchant account. Stripe then  transfers the funds directly into the bank account linked to the payee. Source - <a href="https://ceylontoday.lk/print-more/39587" target="_blank">https://ceylontoday.lk/print-more/39587</a> </blockquote>

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