PayPal is an e-commerce business company of eBay Inc. PayPal allows Online Payment Transfers and processing. Currently, PayPal manages more than 230 million accounts, more than 87 million of them active. It allows customers to send, receive, and hold funds in 24 currencies worldwide. According to trends.builtwith.com 349,143 websites use PayPal. 14,500 websites within the top million most visited sites on the internet. It is a US$2.23 billion worth company! :>
I was busy with exams but was really shocked when I heard of PayPal disappointing policies for our Indian friends and readers. Unfortunately from 1st March 2011, PayPal made changes to the User Agreement for Indian users to comply with Reserve Bank of India regulations. Some Significant changes to the agreement were:
- Export related payments for goods and services must not exceed $500.
- Any balance or future payments must not be used to buy goods or services but transferred to a bank account within 7 days from the receipt of payment.
- Credit/Debit cards must be used for payment processing through Paypal
The above information can be verified at Paypal-apac.com/india/
Many questions are revolving as to why PayPal had to take such strict steps in order to comply with RBI Guidelines but no matter whatever the reason may be Indian fellows really need tonnes of solution to keep their online money transfer going smooth.
I have got a solution that might be helpful to my Indian friends as well as for people from Afghanistan, Iran, Iraq, Pakistan and Egypt where PayPal is banned. My Next post will contain a practical solution to use PayPal in Banned Countries and will also be helpful to Indian users who are currently in a not much favoring state.
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