ITC report calls on Sri Lankan government to allow more payment gateways and reduce fees to promote e-commerce
A report prepared by the Geneva-based International Trade Centre (ITC) has reportedly stated that the Sri Lankan government could allow more payment gateways and reduce fees to expand electronic commerce.
The ITC report has further stated that the Consumer Affairs Authority (CAA) and interested parties should actively work to increase the presence and participation of national and international e-commerce companies.
“The participation of several companies shed new light into current operational challenges, but wider participation from major international players such as PayPal may help to identify specific reforms to improve electronic payments,” a local media report has quoted from the report.
The paper, presented at a forum on e-commerce reforms held by the CAA and ITC with European Union funding, has stated that Sri Lanka’s payments system was consistently identified as a key barrier to widespread adoption of e-commerce.
“Consumer and financial regulators in Sri Lanka should work to identify potential reforms that may result in new market entrants offering innovative payment systems in the country,” the report has said.
“They may include efforts to reduce transactional fees, the availability of new entrants, more payment gateways, increased speed of payments, and reduced delays of customs officials.”
According to media reports, the ITC has reportedly suggested that the Central Bank could lead on implementing a framework for payments in co-ordination with the Inland Revenue Department, Customs and Telecommunications Regulatory Commission.
OSL take:
Sri Lanka’s Telecommunications and Digital Infrastructure Minister has on several occasions expressed the government’s intention of promoting e-commerce and the state’s involvement in expanding the digital platforms available in the country. Looking at the recent report by the ICT, it is evident that there are business opportunities in Sri Lanka’s digital infrastructure sector to expand the existing digital platforms and to introduce new ones.
| Article Code : | VBS/AT/11092018/Z_2 |