Rumours of PayPal NBFC registration false
N 14 March 2013

Rumours of PayPal NBFC registration false

Rumours of PayPal receiving official NBFC (non-banking financial company) registration from Russian authorities have turned out to be false. The news of PayPal beginning work in the country was printed Wednesday by many Russian media, first being reported by EcommerceBytes, who cited a post in eBay's corporate blog.

The said blog entry later disappeared from eBay's page. Russia's Central Bank press service also said PayPal was not on the list of entities registered as NBFC.

eBay, the world's leading online auction site, owns PayPal. The payment system's long-awaited coming in Russia would mean that Russians would be able to sell on eBay, as well as make purchases. Russian nationals currently can hold PayPay accounts, but are not allowed to withdraw their money from their e-wallets. The company arrived in the country three years ago, and in 2012, eBay's audience increased by 82%