Bangalore, Oct 14 (IANS) The Reserve Bank of India (RBI) has permitted PayPal to receive $3,000 per transaction for exporting goods and services as against $500 per transaction until now, the e-commerce subsidiary of eBay said late Friday.
'The six-fold increase in transaction limit as notified by the central bank Friday is a huge step forward for Indian small and medium enterprises (SMEs), which can grow their cross-border trade through e-commerce by tapping our 100 million users in 190 markets worldwide,' PayPal India country manager Mayur Patel said in a statement here.
The US-based e-commerce payment gateway acts like a digital wallet where one can securely store all payment options such as bank account and credit card details. Payments can be made without using credit card or key-in billing information every time.
'Our payment gateway gives retail exporters a competitive advantage through quick access to millions of customers, boosting conversion rates and boosting sales,' Patel said.
Indian SMEs sell high valued handmade jewellery, leather products, ethnic clothing and even motor vehicle parts of up to $3,000 per transaction to buyers the world over.
'The increase in transaction limit will facilitate Indian entrepreneurs to grow their business through retail exports by selling to millions of eBay's customers globally,' eBay India director Kashyap Vadapalli said.