Exclusive: Earlier this year, there were reports that online payments company, PayPal, was looking to apply for a domestic payment license in India. MediaNama has learnt from sources that PayPal has already received an approval for it. According to an internal e-mail sent by PayPal India GM, PayPal is now authorised to offer domestic payment processing services in India, and that the solution can be offered for online, mobile, offline (PayPal Here), for all industries as permitted by law. He also mentioned that PayPal's India office would be the test-bed for its products, as soon as it can accomodate the required changes needed for India, and that it will focus on launching the product and implementing the auxiliary things. We had written to PayPal asking for a response, but PayPal has issued a boilerplate statement which does not confirm or deny the development: “We do not comment on our discussions with regulators and partners in India. At this point, we are completely focused on helping Indian merchants of all sizes to grow their business by facilitating receipt of export proceeds when they sell to our 113 million active accounts in 190 markets worldwide.” PayPal in India: 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…
