MUMBAI: Global digital payments company PayPal today said it has cut its forex conversion charges by up to 40% to benefit small exporters.
“We have reduced our forex conversion charge by one percentage point. For a small merchant, this will translate to about 30-40 per cent discount,” said Anupam Pahuja, md and general manager India at PayPal.
He said the exporter will have to opt in for the discounted rate in the website. The company usually charges a mark-up on the forex transaction which may range from 2-4%.
The discounts are an effort by PayPal to rope in more small-time exporters who now have access to global markets, thanks to internet. PayPal’s clientele include individual business like leather exporters from Dharavi or freelances or even Indian art teachers providng Bharatnatyam training to overseas students through Skype.
As part of its efforts to make things easier for Indian exporters, PayPal launched its new service PayPal.Me in India today. The service allows customers to create a personalized url through which they can call for payment without disclosing their bank account details. The url can be shared through any medium and can be used by individuals without any web infrastructure.
Is this paid news ?Harendra Shah
Although not very large in terms of value, India is among the largest market with over 18 million freelancers and casual sellers Pahuja said. Pahuja claimed one-third of the country’s export earnings pass through its gateway and added that it wants to deepen its presence in the segment.
Asked about its domestic plans, he said, “India as an opportunity is not lost on PayPal. We are looking at the right way and right time to come to India. It is not a question whether we will come to India or not. It is a question of how, what and when.”