PayPal is Granted Licence to Operate in Russia

Just to close the loop on our previous post about PayPal’s putative entry into Russia, the company disclosed on its official blog on 15 March 2013 that its application for a licence to operate in Russia as a Non-Banking Credit Institution was approved by the Central Bank of Russia.

Depending on how it’s measured, PayPal is either the #4 or #5 e-wallet service in Russia, behind Yandex.Money, WebMoney, and Qiwi. Acquiring a Russian licence will enable PayPal to compete more effectively with its Russian-based rivals. Further, eBay’s aggressive Russian expansion plans should provide further support to PayPal’s growth in Russia.

We extend our congratulations to PayPal and look forward to heightened competition (and lower costs) for Russian e-commerce consumers and businesses.

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About Leighton Peter Prabhu

I am a partner in Interstice Consulting LLP and head of the Russian office. My practice focuses on e-commerce business and marketing consulting, especially for foreign e-commerce brands entering the Russian market. I also serve as a consultant to some of the largest international portfolio investors in Russian equities (both public and private). You can find out more about my background and business interests on LinkedIn. You can also connect with me on Twitter and on Google+.

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