PayPal has extended help for Ukrainian citizens by facilitating receiving of payments from overseas while Russia has continued attacks on the country for the third month in a row. Fees have been simultaneously waved on transactions from PayPal accounts to debit or credit cards.
Russia launched an invasion of Ukraine on February 24 and since then about 3 million citizens have fled and taken refuge in neighboring countries.
Alternative executive director for PayPal in Ukraine said while addressing the IMF that the move will facilitate the Ukrainian refugees to receive funds from family members and friends from across the world and the accounts can be used for social payments transfer by governments.
Vladyslav Rashkovan further said the Ukrainian officials demanded such expanded services after Russia annexed Crimea in 2015.
Even though the fees have been waived, it is to note that fees charged by the bank or card issuer of the customers will be applicable as well as the exchange rates.
PayPal currently has shut down operations in Russia. Many multinational tech and financial companies have simultaneously suspended services following the country's invasion of Ukraine.
Meanwhile, the company said customers transferring money from PayPal Wallet to MasterCard or Visa credit or debit card will find the fund available in associated currency with the card. Ukrainians can send and receive in USDs, Canadian dollars, euros and British pounds.
In 1998 Confinity was started with Peter Thiel and about a year later the name was changed to X.com. It was renamed PayPal in 2000. It is a multinational fintech company that supports online money transfers. It became a public company in 2002 and later in the same year was owned by eBay. In 2015, it again became an independent company.