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PayPal digitises FIRC process for ease of Indian sellers, freelancers

PayPal digitises FIRC process for ease of Indian sellers, freelancers

PayPalNew Delhi : Digital payments platform PayPal on Wednesday said it has digitised the FIRC (foreign inward remittance certificate) application process for the ease of Indian sellers and freelancers by enabling the payment of the FIRC fee via NEFT (National Electronic Funds Transfer) as opposed to the previous process of a demand draft (DD).

PayPal said with the new process, its sellers receiving payments from across the globe can apply for an FIRC online by filling a form on its website, thus reducing the paper work for a DD.

An FIRC is a document that acts as a testimonial for all the inward remittances entering India. Most statutory authorities accept this document as proof that an individual or a business — such as a limited company, partnership firm, sole proprietorship firm and others — has received payment in foreign currency from outside the country.

“Previously, Indian sellers and freelancers had to visit the beneficiary bank branch to request an FIRC, get a demand draft for the FIRC fee and then apply for an FIRC to the Citibank,” the online payments platform said in a statement.

“Now, with the online process, sellers can simply fill an application form on the PayPal website and pay the FIRC fee by NEFT. PayPal will directly share the details with the Citibank for the FIRC,” it said.

According to PayPal, the certificate can be directly collected by the sellers and freelancers from their beneficiary banks.

“The revised FIRC process is hassle-free and cuts down the time and efforts taken to process and formalise payments. By simplifying the process of accepting international transactions, we want to encourage sellers to tap the global marketplace,” said Narsi Subramanian, Director, Growth, PayPal India.

Last year, PayPal had announced a 50 per cent reduction in the FIRC fee and rolled out a process for a consolidated FIRC, while the earlier process required one FIRC for each transaction, the statement added.

—IANS

PayPal digitises FIRC process for ease of Indian sellers, freelancers

Paypal-owned Canadian firm leaked 1.6 mn customers’ records

PayPalNew York : Global digital payments platform Paypal has identified a potential compromise of personally identifiable information for approximately 1.6 million customers on TIO Networks — a Canadian payments platform owned by Paypal.

“The PayPal platform is not impacted in any way, as the TIO systems are completely separate from the PayPal network, and PayPal’s customers’ data remains secure,” TIO Networks said in a statement.

PayPal paid $233 million in cash to acquire TIO Networks in July this year.

On November 10, PayPal suspended TIO’s operations after it discovered security vulnerabilities in the firm’s platform.

“The operations of TIO Networks were suspended to protect customer data as part of an ongoing investigation of security vulnerabilities of the TIO platform,” the company said on Monday.

The ongoing investigation uncovered evidence of unauthorised access to TIO’s network, including locations that stored personal information of some of TIO’s customers and customers of TIO billers.

The company was yet to contact all customers, billers and retailers affected by the leak.

“Individuals who are affected will be contacted directly and receive instructions to sign up for monitoring,” the company added.

“We will continue to communicate important updates to customers,” TIO added.

Paypal has 218 million active account holders,

Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies.

—IANS

PayPal digitises FIRC process for ease of Indian sellers, freelancers

PayPal launches India operations

PayPalMumbai : Global digital payments major PayPal on Wednesday announced its India operations, after offering cross-border payments in the country for close to a decade, the company said.

In a statement issued here PayPal Holdings, Inc, said: “At launch, Indian consumers can use PayPal to shop online at some of India’s most popular businesses.

“Merchants offering PayPal will be able to process both local and global payments through PayPal, getting access to PayPal’s 218 million customers around the world and in India through a single integration.”

“PayPal has been offering cross-border payments in India for close to a decade enabling SMEs and freelancers to leverage the global opportunity,” the company said.

The Indian government’s recent push towards digital payments has also led PayPal to partner with government and state-owned banks on number of initiatives, including digital financial literacy programme and eTourist Visa (eTV), the company said.

“We will be targeting the Global Indian and have partnered with merchants catering to this segment giving them a truly global seamless payments experience.

“India is transitioning away from our biggest competitor – cash – and our digital platform and technology has immense scope to enable this at scale. For us, the marathon has just begun,” Anupam Pahuja, Country Manager and Managing Director, PayPal India was quoted as saying in the statement.

“India’s digital payments journey is on a high growth trajectory and we are proud to be a part of it. We are excited about our prospects in a market that is highly inspirational and aspirational,” Rohan Mahadevan, CEO PayPal Private Limited and SVP, General Manager, APAC was quoted as saying in the statement.

—IANS