PayPal to Collect Russian Roubles in October 2013

MOSCOW, Russian Federation - Aug. 29, 2013 - PRLog -- The world’s largest payment system PayPal will allow all kinds of financial transactions in Russian roubles since September 17, 2013. Users will be able to pay for purchases in shops, accepting payments, transfer money to other users and withdraw them to the Russian bank accounts. All this was made possible after the Central Bank of Russia has granted PayPal a non-bank credit organization license: http://akado.fi/2013/08/paypal-roubles-russian-bank-accounts

PayPal is ready to launch into the increasingly profitable Russian online payment market. PayPal has added rubles to its other currencies in 2011. But found itself hobbled by a Russian law, that required all e-commerce organizations operating in Russia to have a non-credit banking institution license from the Central Bank.Without the license PayPal was barred from setting up connections allowing transfers of money into Russian bank accounts.

PayPal has obtained the license from Russian regulators in March 2013. The licensing provision gives PayPal the right to operate as a non-credit banking institution in Russia, furthering eBay and PayPal’s move to the quick-growing market.

According to participants in the Russian e-commerce market, the true value of PayPal is first and foremost as a forum for cross-border trade, where consumers make purchases in e-shops overseas. Data Insight estimates that the total number of cross-border purchases in 2012 rose by 50 percent and stands at around 45 billion rubles ($1.3 billion).

PayPal (http://akado.fi/tag/paypal/) is the largest debit e-money system allowing payments and money transfers to be made through the Internet. For today PayPal is available in 190 countries and has over 153 million registered users. The system supports up to 24 different currencies.