PayPal has got some good news for Indian merchants using the service. PayPal merchants in India can now receive up to $10,000 per transaction for export-related payments for goods and services, effective immediately.
Earlier where the limit was $500 per transaction in September 2011 which further increased to $3000 within a month has now reached $10,000 today on July 29 2013. All this have been possible after RBI agreed to increase the transaction limit for online payment gateway service providers.
Merchants can accept credit and debit card payments through their website, mobile, eBay listing, or simply by sending an invoice. This will effectively result in increase global presence by selling the products to over to 132 million active PayPal users in 193 markets around the world and accepting payments in up to 25 currencies.
In order to receive export-related payments, merchants must confirm their email address, and add a Permanent Account Number (PAN), Purpose Code and local bank account to their PayPal Account. This not only protects them from blaming fraud but gives a protection managing risks to keep their business secure and minimizing losses.
It has also been reported that PayPal has got the license for domestic payments in India and we might see rupee exchange soon within the country.