This morning PayPal India has emailed all the customers in India about their latest new development in India. They have started taking payment in INR from India, it means you will now be able to take money from other fellow Indian via PayPal.
Here’s the announcement on email:
With PayPal, also get paid in Indian Rupees, the safer, easier way. Now in India.
It’s never been easier to accept payments from customers in India and across the globe. You can now accept payments in Indian Rupees and 26 other currencies with a single PayPal account. What’s more, your eligible transactions are protected with PayPal Seller Protection, so you can focus on building your business.
They have also provided steps to get started with payments in India to India transfer that require KYC and how to start accepting payment in “Rupee Payment” system they have introduced.
How to get started with PayPal payments in India
1. Complete your KYC
To receive payments from Indian customers, you will need to complete your KYC (Know Your Customer) formalities. Simply log in to your account to provide the following information:
1. Provide identity and address proof.
2. Proof of local bank account in the name of applicant/company.
Once you have completed your online KYC, you are all set to receive payments in local currency as well. If your gross payment volume exceeds Rs.10 lakhs per month, we will reach out to you to collect and verify your documents.
2. Start accepting “Rupee Payments” on your website
If you’re using PayPal checkout products (Express Checkout or Website Payments Standard) or shopping cart solutions to receive international payments, follow the steps mentioned in the link below to enable acceptance of rupee payments as well from your Indian customers.
Click here for steps to enable Rupee payments
With PayPal introducing this feature the competition in the market for several other payment systems like Razorpay, EBS, Atom, Paytm, Zaakpay, Directpay, Instamojo, CCAvenue, PayU etc. will be surely be shaken up.
Contact customer support for more information: 1800-121-1001 or use online business resources on the their website.