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Why is everyone waiting for PayPal and what this wallet will offer its users
PayPal has been waiting for several years.
The appearance of PayPal with the provision of full functionality has been waiting for a long time, but so far to no avail. Last month, the company enabled cross-border transfers for our country. True, so far only from the United States and through a subsidiary of Xoom. Despite high expectations, not everyone understands what PayPal is and what advantages it has over its competitors.
The editors of PaySpace Magazine figured out why need an electronic wallet so much, what it will give to businesses and customers, and whether there are prerequisites for its appearance in our country in the near future.
In the USA, everyone understands what Paypal is not by hearsay. The system is licensed in the United States as a financial institution that deals with remittances. Although it is not called a bank and is not a member of the Deposit Insurance Scheme, it is required to comply with the laws and regulations for financial institutions. In addition, PayPal stores funds not spent by users in banks in escrow accounts to generate additional profit.
In the United States, the system is licensed as a financial institution that deals with money transfers.
If we talk about what Paypal gives to sellers, why they choose it among competitors, it is worth noting the ability to quickly receive payments, embed a payment button on your web page and easily manage all payment transactions. In addition, the Paypal payment system allows users to receive payments from foreign countries.
The buyer, in turn, receives a fast registration process, ease of management, security and, most importantly, he does not need to transfer his bank account statements to anyone.
US rates for personal funds transfer:
In addition, Paypal performs thorough verification of merchants and offers protection against fraud. If the ordered product did not arrive or was damaged, the system will check the purchase process itself. And, if the claims are confirmed, then the money will be returned to the buyer to the account.
In previous years, a series of steps have already been taken for the emergence of Paypal. During 2021, several relaxations were also made that may affect the status of Paypal in our country. The law "On Currency and Currency Transactions" was adopted, which is designed to liberalize currency transactions in our country. It provides for the same rights for residents and non-residents in the field of foreign exchange transactions. And also the gradual abolition of foreign exchange restrictions on investment abroad and foreign economic transactions.
Now in PayPal there is an opportunity to pay on foreign sites
But progress has already been made - on August 29, PayPal opened the possibility of cross-border transfers for our country. True, through its subsidiary company Xoom, and now only one function is available for our market - Cash Pickup. Among Xoom's partner banks and 11 other financial institutions. In the branches of these banks, the recipient can collect the money order from the United States.
Transfer limits to Xoom are the same for all countries: you can send up to $ 2999 per day, but no more than $ 6000 for 30 days and $ 9999 for 180 days. The Xoom transfer fee depends on the amount transferred. For a payment of $ 100, you need to pay 7.99%, for $ 500 - $ 9.99 or 2%, for $ 1,000 - $ 15.99 or 1.6%.
This may be the first step for the full-fledged appearance of the PayPal payment system. Although, it is worth clarifying that there have not yet been any official statements from the company, and together, Xoom allowed money to be sent to 85 more countries.
In addition, the National Bank of (NBU) has developed recommendations on the submission of documents to agree on the conditions and procedure for the operation of the international payment system in the country, the payment organization of which is a non-resident. This fact can also contribute to the early appearance of PayPal.
The system provides several types of accounts
Personal account holders can make online purchases, send transfers, request funds, and purchase items from eBay and various online stores, which allows payment through PayPal.
For corporate clients, there is an opportunity to accept payments on the website and by means of accounts, and the means of payment will be credited to the balance of the PayPal account in a matter of minutes.
The widget for payment on sites, in addition to the ability to add it to your own web page, is already integrated with many popular systems. Invoicing templates are available in over 15 languages.
The PayPal payment system today only allows the registration of a personal account. The process of registering a Paypal account is quite simple:
The system also has its drawbacks. Due to its immense popularity, accounts are often used by cybercriminals. In addition, PayPal may share your data with third parties to process transactions or comply with the rules of other services.
Still, the most important argument in favor of Paypal is its positive impact on the export of goods. The ability to receive payment from abroad and sell on international trading platforms will help increase the number of sales of our products to other countries, as well as positively affect medium, small and micro businesses.
PayPal has been waiting for several years.
The appearance of PayPal with the provision of full functionality has been waiting for a long time, but so far to no avail. Last month, the company enabled cross-border transfers for our country. True, so far only from the United States and through a subsidiary of Xoom. Despite high expectations, not everyone understands what PayPal is and what advantages it has over its competitors.
The editors of PaySpace Magazine figured out why need an electronic wallet so much, what it will give to businesses and customers, and whether there are prerequisites for its appearance in our country in the near future.
What is PayPal
PayPal - the largest payment electronic system, which is currently represented in more than 200 countries. It enjoys immense popularity in the world due to its convenience and the provision of ample opportunities for both the seller and the buyer.In the USA, everyone understands what Paypal is not by hearsay. The system is licensed in the United States as a financial institution that deals with remittances. Although it is not called a bank and is not a member of the Deposit Insurance Scheme, it is required to comply with the laws and regulations for financial institutions. In addition, PayPal stores funds not spent by users in banks in escrow accounts to generate additional profit.
In the United States, the system is licensed as a financial institution that deals with money transfers.
If we talk about what Paypal gives to sellers, why they choose it among competitors, it is worth noting the ability to quickly receive payments, embed a payment button on your web page and easily manage all payment transactions. In addition, the Paypal payment system allows users to receive payments from foreign countries.
The buyer, in turn, receives a fast registration process, ease of management, security and, most importantly, he does not need to transfer his bank account statements to anyone.
US rates for personal funds transfer:
| Domestic money transfers | 2.9% + $ 0.30 per transaction |
| Preferential rate for charities | 2.2% + $ 0.30 per each transaction |
| Transfer fees abroad | 4.4% of the transaction amount plus a flat fee based on the received currency |
Payment system PayPal
The importance of a full-fledged deployment of the system in our country has been discussed for a long time. Now the PayPal payment system in makes it possible to link your cards to your account and pay with them on foreign sites. But you cannot withdraw funds to cards of banks. This means that carders and entrepreneurs cannot accept payment for their services through this popular wallet.In previous years, a series of steps have already been taken for the emergence of Paypal. During 2021, several relaxations were also made that may affect the status of Paypal in our country. The law "On Currency and Currency Transactions" was adopted, which is designed to liberalize currency transactions in our country. It provides for the same rights for residents and non-residents in the field of foreign exchange transactions. And also the gradual abolition of foreign exchange restrictions on investment abroad and foreign economic transactions.
Now in PayPal there is an opportunity to pay on foreign sites
But progress has already been made - on August 29, PayPal opened the possibility of cross-border transfers for our country. True, through its subsidiary company Xoom, and now only one function is available for our market - Cash Pickup. Among Xoom's partner banks and 11 other financial institutions. In the branches of these banks, the recipient can collect the money order from the United States.
Transfer limits to Xoom are the same for all countries: you can send up to $ 2999 per day, but no more than $ 6000 for 30 days and $ 9999 for 180 days. The Xoom transfer fee depends on the amount transferred. For a payment of $ 100, you need to pay 7.99%, for $ 500 - $ 9.99 or 2%, for $ 1,000 - $ 15.99 or 1.6%.
This may be the first step for the full-fledged appearance of the PayPal payment system. Although, it is worth clarifying that there have not yet been any official statements from the company, and together, Xoom allowed money to be sent to 85 more countries.
In addition, the National Bank of (NBU) has developed recommendations on the submission of documents to agree on the conditions and procedure for the operation of the international payment system in the country, the payment organization of which is a non-resident. This fact can also contribute to the early appearance of PayPal.
PayPal Payment System Review
Before starting a conversation about what a Paypal account is, you need to clarify that the system provides for several types of accounts: personal, corporate, as well as a special offer for partners and developers.The system provides several types of accounts
Personal account holders can make online purchases, send transfers, request funds, and purchase items from eBay and various online stores, which allows payment through PayPal.
For corporate clients, there is an opportunity to accept payments on the website and by means of accounts, and the means of payment will be credited to the balance of the PayPal account in a matter of minutes.
The widget for payment on sites, in addition to the ability to add it to your own web page, is already integrated with many popular systems. Invoicing templates are available in over 15 languages.
The PayPal payment system today only allows the registration of a personal account. The process of registering a Paypal account is quite simple:
- Go to the official PayPal website and click the "Sign Up" button
- Enter data for registration
- We enter contact information, agree to the terms, open an account.
The system also has its drawbacks. Due to its immense popularity, accounts are often used by cybercriminals. In addition, PayPal may share your data with third parties to process transactions or comply with the rules of other services.
Still, the most important argument in favor of Paypal is its positive impact on the export of goods. The ability to receive payment from abroad and sell on international trading platforms will help increase the number of sales of our products to other countries, as well as positively affect medium, small and micro businesses.
