Online Payments Service PayPal Suspend Transactions in India-Tazakhobor.Com

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Time Magazine Termed DSE "Worst Share Market"
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Online Payments Service PayPal Suspend Transactions in India

Tuesday, 09 March 2010 00:00

Online payments service PayPal says its suspension of certain transactions in India could last months.
A spokesman for the service said Saturday (7th March 2010) that "personal payments" to and from India are being blocked began Jan. 28. Transfers to banks in India are being suspended as well.
The spokesman, Anuj Nayar, said PayPal is taking the step while it answers questions that have arisen about the service. He declined to elaborate.

In a post on PayPal's blog Tuesday, 9th March 2010, spokesman Anuj Nayar wrote that the company will keep blocking local bank transfers and personal payments to and from India as it works out questions that Indian regulators have posed.
The payments were initially suspended Jan. 28, after regulators questioned whether PayPal payments should be regulated like wire transfers of cash.
However, local bank withdrawals, which had also been suspended, should be available within a few days, Nayar said.
The size of PayPal's India business is not publicly disclosed, but it appears to be relatively small.
In 2008, $4 billion of PayPal's $60 billion in transactions came from the region it defines as Asia, and the vast majority was from Australia, PayPal's fourth-largest market.
PayPal is part of eBay Inc.

Source: The Associated Press
Key words: accept payment online, transfer foreign currency,online merchant,banking online,pay pal,online money wire,money transfers to india,global money transfer

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Last Updated on Tuesday, 09 March 2010 21:21