Here is good news for PayPal users in India. The company which revolutionised online payment in the world has introduced a new feature of withdrawing money into Indian banks.
The users can withdraw money from PayPal to these banks currently - State Bank of India, Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, UTI Bank, Standard Chartered Bank, HSBC, and Citibank.
It’s a great move from the company. Earlier, Indian users had to make a request for a check payment and that would take anywhere from two weeks to a month. The payment was made by PayPal’s Singapore office. They also charged a commission of 3 per cent or so on withdrawal. Now the withdrawal will take only a week or so in normal circumstances. Also, the fee on withdrawal of amount above Rs 7,000 does not attract any fee, while below Rs 7,000 will be charged a nominal fee of Rs 50. That’s decent. See details here.
PayPal now needs to introduce transactions through Indian rupee. It currently does not support rupee, although it has provisions to transact through 17 currencies like US dollar and UK pounds. Once that is done, PayPal can emerge as the cheapest online payment company in India. It can push other service providers in the business into oblivion unless they change their commission structure. Merchants should be happy about this development.
PayPal had recently set up a full-fledged India office in Bangalore. You can expect more things from them.
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