I believe that people will use WeChat or Alipay software when trading in China, and will use PayPal when trading abroad. Many people may not know what PayPal is? In fact, it has the same function as Alipay. It can collect and pay, which brings a lot of convenience to people. Can Paypal use a domestic savings card? Let's take a closer look.
Can paypal use a domestic savings card?
At present, paypal can bind domestic savings cards. You can select it directly in the card binding interface. After the credit card or debit card is entered, the card issuer will automatically identify it and complete the binding. However, if you withdraw cash directly now, it is likely to cause withdrawal failure.
Is it illegal to use paypal in China
Paypal is legal in China.
September 30, 2019. The People's Bank of China approved the application for equity change of Guofubao, and PayPal acquired 70% of the equity of Guofubao through its Meiyinbao Information Technology (Shanghai) Co., Ltd., becoming the actual controller of Guofubao and entering the Chinese payment service market.
According to public information, Guofubao was granted Internet payment and mobile phone payment business licenses by the People's Bank of China in December 2011, fund payment business licenses in 2015, cross-border RMB payment business licenses in 2016, and prepaid card issuance and acceptance business licenses in 2016 (Hainan Province, Shaanxi Province, Yunnan Province, Hunan Province, Beijing City). The company mainly provides payment products and industry supporting solutions for enterprises in e-commerce, cross-border commerce, aviation tourism and other industries.
PayPal is a NASDAQ listed company in the US stock market and a world leading third-party payment company, covering more than 200 countries and regions around the world. It has more than 286 million active payment accounts and supports more than 100 currency transactions around the world.
Detailed Steps of Paypal Binding Domestic Savings Card
1、 Paypal authentication can use credit card or general savings card;
PayPal supports UnionPay cards issued by the following banks
Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of Communications, China Merchants Bank
Shanghai Pudong Development Bank, Huaxia Bank, CITIC Bank Industrial Bank, China Minsheng Bank, China Everbright Bank, Postal Savings Bank of China;
2、 When a payer wants to pay a sum of money to a merchant or payee through PayPal, it can be divided into the following steps:
1. As long as there is an e-mail address, the payer can log in to open a PayPal account, become its user through verification, and provide credit card or relevant bank information to increase the amount of the account, and transfer a certain amount of money from the account (such as credit card) registered at the time of opening the account to the PayPal account.
2. When the payer starts the payment procedure to a third person, he/she must first enter the PayPal account, specify a specific remittance amount, and provide the e-mail account of the payer to PayPal.
3. Then PayPal sends an email to the merchant or payee, informing them that there is money waiting to be received or transferred.
4. If the merchant or payee is also a PayPal user, the money designated by the payer will be transferred to the payee after they decide to accept it.
5. If the merchant or the payee does not have a PayPal account, the payee must follow the instructions of PayPal email content to enter the website to register and obtain a PayPal account, and the payee can choose to convert the money obtained into a check and send it to the designated place, transfer it to his personal credit card account, or transfer it to another bank account.
The above is the details of the domestic savings card that Paypal can use. It is also used in China. As long as the above process is followed, the domestic savings card can be bound. This provides people with great convenience when consuming.
