ECONOMYNEXT – Despite growth of electronic commerce in Sri Lanka, it remains constrained by regulations that make digital payments a hassle for consumers, according to the head of an online retailer.
“One of biggest challenges in the digital age is sometimes with regulation, especially with peer-to-peer transactions,” said Lahiru Pathmalal, chief executive of Takas Pvt Ltd.
Although P2P payments were happening, growth is held back by regulations that confine most online transactions to banks.
Mobile phone companies that introduced digital wallets were still only doing cash uploads with limits in transcations, Pathmalal told a forum to mark World Consumer Rights Day on Wednesday, March 15.
Making payments online were also a hassle for consumers who are asked for too much information, he told the forum on consumer rights in the digital age held by the Institute of Policy Studies, a think-tank.
“You can’t buy in Sri Lanka with one click, but can buy on eBay,” Pathmalal said. “It’s not a technological barrier, but a regulatory one."
“If you fix it, we can compete better with international businesses. Now, we are at a complete nascent stage in serving consumers. Consumers have to type in too much information.”(COLOMBO, March 21, 2017)