PayPal obtained a banking license in Europe
From now on, PayPal will be easier to promote its services for European customers, because the payment system has received an official banking license in the European Union.
The license issued by the Luxembourg financial institution Commission de Surveillance du Secteur Financier (CSSF) will enter into force on July 2, 2007. The European office of PayPal moves from the UK to Luxembourg.
Until now, PayPal had only the status of an e-money issuer, which restricted its right to work directly with legal entities due to the peculiarities of European legislation. In the US, PayPal still does not have a banking license, and there it works as a money transfer service, having registered in each state.
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The activation of PayPal in Europe happened a month after the rival Google Checkout launched a payment service for UK online stores and announced expansion to other European countries. There are currently 35 million European accounts and 100,000 websites registered with PayPal.
via IDG News Service
The license issued by the Luxembourg financial institution Commission de Surveillance du Secteur Financier (CSSF) will enter into force on July 2, 2007. The European office of PayPal moves from the UK to Luxembourg.
Until now, PayPal had only the status of an e-money issuer, which restricted its right to work directly with legal entities due to the peculiarities of European legislation. In the US, PayPal still does not have a banking license, and there it works as a money transfer service, having registered in each state.
')
The activation of PayPal in Europe happened a month after the rival Google Checkout launched a payment service for UK online stores and announced expansion to other European countries. There are currently 35 million European accounts and 100,000 websites registered with PayPal.
via IDG News Service
Source: https://habr.com/ru/post/8475/
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