PayPal will stop serving transfers within Russia

After the requirements for foreign payment systems tightened in Russia, PayPal decided to leave the market for domestic transfers. Now you can transfer money using PayPal only abroad

The PayPal payment system from July 31 will stop making customer internal transfers and payments in Russia. This is stated in the company’s statement.

At the same time, users of the system in Russia will still be able to transfer abroad or receive transfers from abroad. The restrictions will come into force on July 31, when the new user agreement becomes effective.

PayPal is one of the largest electronic payment systems in the world, founded in 1998. The company operates in 202 countries and territories of the world and serves transfers in more than 100 world currencies. A complete list of services for Russian users has been available since 2013.

On July 4, amendments to the law “On the national payment system” entered into force in Russia, which establish new requirements for domestic Russian transfers of electronic money. They were adopted by the State Duma in July last year and signed by the President on July 3, 2019. The electronic money operator and the organizations it attracts, according to the amendments, are not entitled to transfer information about transfers that are carried out within Russia, abroad, or provide access to such information from the territory of a foreign state.

Also in Russia it was prohibited to replenish anonymous electronic wallets PayPal, Yandex.Money, QIWI Wallet, WebMoney, VK Pay and other similar systems in cash through payment terminals and offices of cellular operators. Unidentified customers, according to amendments to the legislation, can now “provide funds to the electronic money operator only using a bank account”. Previously, such a requirement was not contained in the law, which allowed individuals to replenish their wallets in cash without providing documents.

Source on RBC: