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PayPal’s new service will allow Indian merchants to collect payments abroad

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PayPal India has launched PayPal.me, a digital peer-to-peer payment service aimed at freelancers and small businesses selling products and services across borders, reports the Economic Times. Merchants can set their own profiles and get a personalized URL for their business with their existing PayPal accounts.

This URL will help merchants to call for a payment without giving out their bank account details and IFSC or SWIFT code. The URL can be shared through any medium and can be used by individuals without any web infrastructure. As part of its launch, the company has cut its foreign exchange rates by 40% by one percentage points, reports the Times of India.  It has a mark-up on foreign exchange transactions which varies from 2-4%.

PayPal is targeting merchants who are getting international orders and access the global market through the Internet. The company also said that one third of international payment orders from India are being processed by PayPal, as indicated by this Huffington  Post report. The report added that the company is going to focus on international payments and has no plans of getting into domestic payments right now.

It’s worth noting that earlier this yearPayPal introduced a new product called Commerce, a set of tools and APIs which will allow merchants to sell across mediums such as  email, social share, blogs, articles, ads, in-app and “anywhere consumers are online or on their mobile devices.”

Citrus Pay’s Sellfie: In July, Citrus Pay launched Sellfie, a contextual payments app it released . Sellfie allows users to take a picture of an item, price it, choose shipping options, and push a link to Twitter, Facebook, Instagram as well as WhatsApp to sell and collect through a URL. Anish Achuthan , business head at Citrus, clarified that PayPal Commerce targeted small startups and businesses and Sellfie will be targeting individual sellers.

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