Sunday, September 30, 2007

PayPal lifts ban on Malaysia

It's good news for online entrepreneurs in Malaysia. PayPal has lifted its ban on Malaysia and has allowed withdrawals from PayPal accounts through local banks' debit cards that are associated with Visa or MasterCard.

Since several years ago when there was a massive spate of credit card fraud linked to Malaysians, PayPal had disallowed withdrawals in Malaysia. So, for many years online entrepreneurs in Malaysia had a common problem of not being able to withdraw money directly from PayPal.

Many did it in indirect and roundabout ways, such as opening bank accounts in neighbouring Singapore, creating US investment checking bank accounts for their debit cards, or using online banks' virtual money debit cards recognised by PayPal.

Malaysians could do most of the transactions in PayPal except withdrawal because there was no provision that can direct money to local banks. So, the solution was third party debit cards.

However, now Malaysians can get local banks' debit cards associated with MasterCard or Visa, like NexG debit card issued by AmBank, which can be bought from Seven Eleven stores costing RM25 each.

So, it is excellent news for Internet marketers in Malaysia. Check up Matt Ng of who has written about this in detail.

1 comment:

Online Marketing said...

its a great news for malaysian people