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PayPal Eyes India For Domestic Payments

Online payments provider PayPal intends to apply for a domestic payment license in India, reports Reuters. A company spokesperson confirmed the development to the agency, saying that the company was applying for a license in China and was looking at an Indian license in the future. The exec also informed that PayPal was planning to open an office in India to enter the market, next year. PayPal is available in the Indian market for international remittances and payments. However, it is crippled as it does not allow users to receive more than $3000 per transaction, and automatically transfers them to the user's bank account on a daily basis, due to RBI guidelines on export related remittances. It does not allow users to make payments using their PayPal balance, although they can use a linked credit card or bank account for the same purpose. PayPal Here: Recently, PayPal launched a mobile based payment solution for small businesses, PayPal Here, which allows users to accept almost any form of payment products including debit and credit cards, checks and PayPal, in United States, Canada, Australia and Hong Kong. The service includes a free app and a fully encrypted thumb-sized card reader, which turns an iPhone, into a payment terminal. They can also send an invoice and set payment terms directly from the app. PayPal charges a flat rate of 2.7% for card swipes and PayPal payments. In addition to the new service, PayPal also updated its mobile app to make use of location services to detect merchants that…

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