The US-based money transfer firm PayPal recently announced that Ukrainians in their home country and elsewhere will be able to receive British pounds, Canadian dollars, euros and US dollars into PayPal accounts to make purchases or transfer funds to bank accounts, credit cards and debit cards. Previously Ukrainians could send money through the company, but not receive payments. PayPal is waiving its fees on incoming and outgoing payments through the end of June 2022. Meanwhile, the company is freezing its operations in Russia, including blocking access to Russians’ mobile wallets.
During 2021, PayPal reported revenue of USD 25 billion on transaction volume of USD 1.25 trillion. The firm ended the year with 426 million active accounts, including 49 million opened during 2021.
Sources and Additional Resources
Reuters article
https://www.reuters.com/world/europe/paypal-expands-payments-services-help-ukrainian-citizens-refugees-2022-03-17/
PayPal services for Ukrainians
https://www.paypal.com/ua/webapps/mpp/home
PayPal financials
https://investor.paypal-corp.com/
MicroCapital Brief: EBRD Moves to Block Russia, Belarus from Funding, Technical Assistance; Boost Financing in Ukraine
https://www.microcapital.org/microcapital-brief-ebrd-moves-to-block-russia-belarus-from-funding-technical-assistance-boost-financing-in-ukraine/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
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