Paypal faced issues with the Reserve Bank of India (RBI) in 2014, indiatimes.com reports. The RBI wanted the company to transfer the money held in its accounts to a bank within a pre-determined period, limiting its traditional functions.
Currently, PayPal facilitates cross-border purchases for merchants and consumers in India. Globally, about 24% of the companys business comes from this line. India is an important geography for the company after its separation from parent eBay.
In 2014, PayPal processed about USD 235 billion in payment volume, or about 4 billion transactions.
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