Daily Current Affairs 2021 PayPal introduces digital Foreign Inward Remittance Advice | Daily Current Affairs 2021

PayPal introduces digital Foreign Inward Remittance Advice

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Digital payments provider PayPal has recently introduced an automated process to obtain monthly foreign inward remittance advice (FIRA).

  • FIRA allows Indian merchants to download their monthly digital FIRA issued by banks.

Aim:

  • The initiatives at zero cost are aimed to empower Indian MSME exporters to seamlessly grow their business internationally.

About FIRA:

  • It is a document that acts as a proof for all the payments and inward remittances from a foreign country.
  • It is issued by banks in India.
  • The exporters of all sizes have to get this.

What has PayPal done?

  • Earlier, the Indian seller and freelancers had to send manual requests for FIRA to PayPal’s partner bank.
  • They also had to pay a fee for such services offered by the banks.
  • The bank partners would then issue a physical statement on FIRA.
  • The physical statement not only took ten days but it also required the seller to visit the bank to collect the same.
  • Now this process has been digitized making it simple.

Mission:

  • This step is a part of PayPal’s mission to reach net zero emissions by 2040.

Benefits:

  • Digital FIRA solution of PayPal will allow merchants to directly download FIRA from their PayPal account.
  • The process is completely automated.
  • The PayPal merchants can now download their monthly FIRA at zero-cost by simply logging into their PayPal account.
  • It completely removes the paperwork.
  • It saves time, resources, and friction.
  • It also eliminates the need to visit branches, lowering the risk of infection with COVID-19.
  • The sellers will be notified via an email once the FIRA is made available.
  • The simplified process also enables Indian sellers to apply for bill closure and get tax benefits at a much faster rate.
  • This has been introduced to empower the Indian MSME exporters to seamlessly grow their business internationally.

Current Scenario:

  • At present, small exporters in India are accessing more than 200 markets reaching out to 350 million consumers through PayPal. This happened after COVID crisis.
  • Around Rs 10,000 crores of exports transactions were held through PayPal.

About PayPal:

  • It is an American company operating online payments.
  • PayPal was founded in December of 1998 under the name “Confinity”.
  • In 2000, it merged with X.com and soon became an online money transfer company with the current name, PayPal.
  • PayPal is headquartered in San Jose, California, USA.
  • It is a leading online payment service provider in the world.
  • The digital payment company offers a range of payment services and solutions for both individuals and businesses.
  • It has 48 central offices across 27 countries.
  • In October 2002, eBay, an online shopping platform best known for its auctions and popular with online merchants acquired PayPal.
  • This partnership enabled buyers/sellers on eBay to send and receive payments securely and more efficiently than money orders or checks.
  • In 2015, it spun from eBay and became a public traded company, PayPal Holdings, Inc. PYPL.

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