I must say it is much easier than I had though and every person having online revenue generation sources must have a Paypal account. I am going to answer following questions which I had in my mind about Paypal in India.
1. Is Paypal a paid service?
Ans: Its absolutely free. Of course there is a premium membership available in case you have more transactions but for most of the users the free account is more than sufficient.
2. Do I need a Credit Card for Paypal?
Ans: You need to either have a Credit or a Debit Card to activate your PayPal account.
3. What is my PayPal Id?
And: This id is useful for getting payments, and that id is none other than the email address you use for creating your paypal account. Make sure you use a email id which you use regularly as you will receive all the updates on it.
4. Do I need to furnish PAN number for Paypal account?
Ans: It is an absolute must to enter your PAN Number as it is a regulation brought by the Indian Government on Paypal. Paypal will verify the PAN if its real.
5. Is it mandatory to link a Indian Bank Account?
Ans: Yes it is mandatory. Once you link a bank account Paypal will simply deposit a very small amount in your bank account. This is just to confirm if the bank account is valid. After that in next couple of days Paypal will deposit another 2 small deposits in your account. You need to put those deposit amounts in Paypal to confirm your Bank account.
6. How does Paypal benefit from the service?
Ans: Paypal gets a small portion of the transaction amount as service charge. The more transactions the more money Paypal gets.
7. How do I open my Paypal account in India?
Ans: Simply visit the Registration form page for Indian Buyers and Sellers.
8. How long does it take for money to be credited in my Paypal account?
Ans: It generally takes the transaction 3-4 days to complete. Then it is credited to your Paypal account. After that very next day the money will be transferred to your Indian bank account.
I hope I have answered most common and important question for Indian Paypal users. In case you have more let me know.
