The PayPal is the best and most trusted online payment processor in the world. The PayPal allows us to send, receive money all around the world and we can use PayPal to buy products & services on international sites and accept payments for business. The PayPal is the first trusted online payment processor to create a revolutionary service to transfer money anywhere from the world within seconds replacing checks and direct transfers. PayPal has re-started their services in India which has several great features. PayPal India is a gift for the online freelancers, bloggers, companies to receive payments from the overseas countries very fast. This article explains how PayPal India works and guides to send and receive money using PayPal India accounts.

What Is PayPal?

The PayPal is the world's largest payment processor established in 1998. The PayPal allows us to send and receive money anywhere in the world for personal and business purpose. And apart from sending and receiving money, PayPal acts an online wallet to store money*.

What Is PayPal India?

The PayPal India is the services provided by PayPal in India only for the India residents. PayPal India provides country specific services like sending money to users of other countries in their currency like USD($), GBP(£), EUR(€) etc and receiving money to the Indian bank accounts in Indian Rupee(₹).

Benefits Of Using PayPal:

The PayPal helps us to send and receive money all over the world. The PayPal transactions are instant that the money will be sent and received with seconds.
The PayPal allows us to transfer even little amount of money. Users can send and receive even $1 or less from international customers. This is impossible in the case of direct deposits and wire transfers.
The PayPal transactions can be done at a high speed for a low cost while the bank transfers will take few days and the fees will be higher to complete the transaction.
The PayPal can be accessed by sitting at home or anywhere using PayPal app on smartphones.
Apart from sending and receiving money directly, PayPal helps the online shoppers to buy products from the international shops with buyer protection.
The PayPal automatically transfer the incoming funds to the local bank account in the home currency, no matter whatever currency we receive.
The PayPal is highly secure and easy to use compared to the other online payment processors.

Requirements And Eligibility To Become A PayPal India Member:

PayPal has come up with a set of rules after restarting their services in India. If you want to use PayPal services, you must fulfill all the requirements.
To start a PayPal account, you must have a valid email address. Mobile number is optional but to protect your account you must link your mobile number to the PayPal account.
You must have a bank account in RBI authorized banks to send and receive money.
You must have the PAN card to get your account verified. No transactions can be made without proper verification.
The name on your PAN card, bank account, and PayPal account should exactly match. Make sure you check your name on the PAN card and bank account while starting the account on the PayPal.

How To Create Paypal Account In India | Indian Users

To Start The PayPal Account Click Here. In The PayPal Home Page Click Sign Up To Start.

Select the Individual account to start the account as Personal. If you've an online business, select the business account and click next.
In the next page, you will be asked to enter your country, email address and create a password to protect the account. When done, click next.
The third step is the most important step where you should enter all your banking details. Enter you name as given on the bank account (which is almost impossible to change in future), enter your residential address. You will be asked to enter the date of birth which is really important. You cannot change the date of birth once the account is created. The date of birth should be submitted to retain your account if you lose your password. Enter your mobile number and click next.
In the final step, you will be asked to link your credit card or debit card. You can link your card during the sign-up process or you can do it later. I recommend not to add the card details unless you're going to make any purchase.
Now the registration process is complete, you have to verify your email in order to proceed.

Verifying PayPal Account:

In order to send and receive money, your PayPal account must be verified. Most of the online job sites will pay you only if your PayPal account is Verified.
Verifying your email and mobile phone number will not make the PayPal account verified. You must link your Bank account or credit/debit card and PAN number to get your PayPal India account verified.
Reserve Bank of India(RBI) has made these steps mandatory in order to prevent unauthorized illegal transactions. Without PAN card and bank account, you cannot verify your PayPal account.