PayPal now gives customers in Russia the opportunity to pay by cash as well as card.
It turns out cash isn’t dead – not according to PayPal in Russia.The new service makes Russia one of the few places in the world where individuals can choose not to link a bank or card to their PayPal account.
After setting up on online wallet with PayPal, customers will be able go to one of 8,000 Euroset or Svyaznoy electronics stores across the country to hand over their cash. Transactions will be processed via “Rapida,” a Russian payment system.
Recent legislation upping controls on anonymous payments has reduced transactions to a maximum of 15,000 rubles ($330) per transaction, or up to 40,000 rubles a month ($870), The Moscow Times reported, quoting business daily Vedomosti.
Cash-based electronic payments are big business in Russia. Last year non-banking payment terminals handled 850 billion rubles ($18.6 billion) in payments.
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