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PayPal to find “new pals” in Russia

PayPal wants to find partners to go into Russian market, reports "Vedomosti". The company representatives came to Moscow and met with members of local market payment systems, Yandex.Money and Webmoney.

PayPal wants to strengthen its position on the Russian market by acquiring a local company or entering into agreements with existing players. Company needs “its pals” in Russia, for now is the time when rules to regulate the market are being developed. Yandex.Money General Director, Eugenia Zavalishina, suggested that PayPal might agree with the Russians on the establishment of a gateway for the currencies exchange of different payment systems (like those, that Yandex.Money and Webmoney run). This will allow to use PayPal even if you have no credit card.

Last spring, online auction eBay came out on the Russian market, and got a status of a "World Trade Center”. The Russian version, however, did not give Russian users a feature to sell products. Same happens with PayPal, people from Russia can only spend money, but they can not receive or withdraw if from the system. So now PayPal is used only to make purchases in western online stores.

MoneyNews editor-in-chief, Sergei Stetsenko, told Vedomosti that PayPal’s willingness to enter Russian market is associated with the Visa Click service emergence (services and goods payment by credit card, without entering card details at every purchase), which may cancel all intermediaries, like PayPal, in the future, for they no longer will be needed.

Read more in Russian


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