PayPal is the easiest and safest online transaction platform for receiving and sending money through internet. PayPal which is part of eBay Inc group has now blocked personal payments to and from India over some new licensing rules and guidelines by Reserve Bank of India (RBI).

In addition, it has also suspended the bank transfer options, which is causing a lot of problems to small customers and particularly freelancers who are unable to withdraw funds in their bank accounts.

However director for global communications at PayPal, Anuj Nayar assured that local bank withdrawals will be made available in few days and they are in process of talks with their banking partners.

But the personal payments service will remain suspended for coming months until they do not get solutions with regulators.

PayPal India has a relatively smaller market. In 2008, out of total $60 billion in online transaction, around $4 billion was from Asia and the majority was from Australia.

Australia is fourth largest market of PayPal after US, Canada and UK.

Do you have any updates on this issue, please post in the comments and let us know

Bookmark & Share!!!

Popularity: 13% [?]