PayPal Upsurges Receiving Limited to $3000 for Indian Merchants

Must Read

Hands-Free Resources: How Businesses Are Using AR to Make Workplaces Safe and Productive

The role of efficiency and ease in the modern world has become forefronted when it comes to technology, particularly...

Top Countries by App Downloads Q2 2021: India Dominates With 7 Billion+ Downloads [REPORT]

As the adoption of smartphones and the Internet has increased over the last decade, so has the number of...

TikTok Is Now The World’s Most Popular Non-Facebook App With Record 3 Billion Downloads!

When you think of the world's most popular apps, the first name comes into your mind: Facebook. If not,...

PayPal has finally managed to break the ice with Reserve Bank of India on current ‘transaction limit’ chaos for Indian merchants – atleast till an extent.  Going further, Indian merchants – who use PayPal to receive money from overseas – can receive upto $3000 per transaction instead of earlier trivial figure of $500. However, there is nothing mentioned over the ‘auto-withdrawal’ feature which is forcing Indian merchants to use PayPal as traditional Payment Gateway rather than an online wallet.

To comply with the RBI guidelines, you must add a Permanent Account Number (PAN), Purpose Code and local bank account to your PayPal account in order to continue receiving export-related payments, says Mayur Patel – India Country Manager, PayPal.

Undoubtedly, the much appreciated move has been welcomed by many companies who primarily depend on overseas clients. After PayPal sketched the guideline of $500 receiving limit few months back, they were facing hard time to collect money from their overseas clients.

The situation became bad to worse when PayPal was guided to reverse all those payments which were over exceeding $500 limit by RBI. Already in grieved, Indian merchants started protecting themselves from PayPal only to head towards other alternatives like CCAvenue, EBs etc.

Advertisements

PayPal was quick enough to calculate upcoming business damage from Indian market and accelerated the efforts of negotiation with RBI. And, the results have started showing off today.

Indeed, it makes much sense for PayPal to safeguard Indian operations and business. Internet penetration in India is on absolute rise for last 2 years. India stands as second largest country in terms of social media users. Network infrastructure is showing significant improvement and internet users are showing great confidence in online banking, transactions and business. Consequently, the adoption rate and need of Online Payment gateway is growing. Being as Online Payment Leader, PayPal has holds valuable trust among merchants and would like to ride upon it for larger gain.

Apparently, this has made PayPal to stand by Indian Merchants and negotiate hard with RBI who was looking firm to its earlier stand of $500. No surprise if I will see few more relaxation in PayPal norms in next few weeks as it’s a Do-or-Die situation for PayPal in India.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Top Countries by App Downloads Q2 2021: India Dominates With 7 Billion+ Downloads [REPORT]

As the adoption of smartphones and the Internet has increased over the last decade, so has the number of...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded and unparalleled...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter, with a...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one of the...

More Articles Like This