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.