International payment service provider PayPal is to launch payments and transactions in rubles on September 17. It was reported on August 15 by Digit.ru edition referring to Vladimir Malyugin, the head of the Russian branch.
The Russian ruble is to become 26th currency that will be accepted for transactions via PayPal. The payment service provider will allow its Russian customers to handle transactions, to remit, and to cash out money in the national currency. Besides, the company will permit to withdraw money via Russian banks. It is not supposed to set a limit on ruble transactions. The new opportunities will be available for both private customers and legal entities. Currently, PayPal users in Russia can settle transactions with overseas companies and also replenish their accounts. It is forbidden to apply to Russian credit institutions to cash out money. PayPal relies on the policy that permitting ruble transactions will help the company to establish interaction with internet stores. Malyugin stated that his company had already opened negotiations with biggest players on the e-business market.
While making comments to Lenta.ru concerning the PayPal decision about getting started to work with the Russian rubles, Elena Orlova, the Chairperson of the Russian branch of PayU company rendering intermediary services to e-payment service providers noted that apparently, PayPal must have taken the policy decision about operating with the Russian rubles as far back as May. Then, the Central bank issued a non-bank credit institution’s license to the Russian “daughter” of the American company.
According to the PayPal data, nowadays the company embraces million clients in Russia. In the world-scale, over 160 million people resort to the help of this payment system for cash remittance or purchase payments. PayPal competes with YandexMoney, Qiwi, and Webmoney on the Russian market.
