If you have not hear about the PayPal earlier,
it is the online payment system from eBay.
It is one of the best product for sending the
payments to any part of the world.
As of now there is no real competition to PayPal
and they are enjoying the most of the market share.
There may be future challenges from Google Check Out,
which is new product launched by google.
One of the main advantage in PayPal is you can
withdraw the balance amount
to your local bank account.
For example if you are doing any freelance work
and receiving the payment of $4000 through paypal
and the payment is sent from USA.
You can easily add your bank account in your PayPal account and withdraw the money.
It will be converted into local currency. This process takes only few days.
Most of the freelancers and small companies in India
depends on this services to receive the money from
outside India.
The shock came when last month (28th) RBI told PayPal
to stop the payments to Indian banks because they don’t have
the proper authorization to make fund transfer.
Then onwards PayPal has stoped all the payment to
banks and waiting to resolve the issue with RBI.
It will be a big problem for the small companies using
PayPal as the payment method. PayPal also provides another
option for issuing the cheque. But, this process takes very long time.
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