Officially Paypal is free all over the world. It is certainly free for signup. In the context of PayPal in Nepal, since we cant officially make a fully working PayPal id that means we can’t receive funds from other PayPal users but can be used for online transition.
It also doesn’t mean to say that it is impossible to get a fully functioning PayPal account for the people residing in Nepal. But if someone of your relatives is abroad then you can ask them to make an ID for you. Secondly, if you want to make US verified PayPal by yourself then you need three things for this. This doesn’t mean impossible but u need to have contact with a third party. First is u need details of any US citizens which should be totally legit. In the details, you will get the SSN(Social Security Number) number, DOB, and address of the person. so with that name, you can make a PayPal id in Nepal. And secondly, you need a US mobile number, getting a free US number is easy you can download apps like textnow to get a virtual US number for making PayPal. The last important requirement is a credit card. You need a credit card to verify your PayPal account.
Creating a PayPal account in Nepal with our own Name and Address
Definitely, you can open an account from Nepal, but the limitations on such an account are that you can only send money or buy online, however you can’t receive money which makes Paypal actually useless for Nepal!! Hope they will review that option and accept two-way transactions for Nepal too!!. For a verified Paypal account, either you need to have a verified US/ UK bank account or you can verify via your friends or relatives residing there!!
Why is PayPal not providing its service in Nepal?
Paypal has not started its services in many countries (especially Asian countries) where, China, India, Brazil are the three main targets. In these countries, RBI of India has already approved PayPal so Indian eCommerce may welcome PayPal very soon. However, the Chinese government has not given approval so far. There are several reasons for it, like specific compliance rules in countries, political influence or imbalance, poor customer responses, etc. In a country where there is not enough online or offline payment volume, PayPal doesn’t show much interest. However, PayPal periodically analysis the positive and negative aspects of starting a business in specific countries. Even more specifically, in some countries, PayPal acts as a bank and in some countries, it’s just a payment gateway provider! So PayPal service – the name itself varies from country to country.
When will paypal be available in Nepal?
The national Rastra bank drives the policy for an electronic transaction that includes credit cards and pay-pal services. Nepal has to go long way to standardize its e-commerce infrastructures both in policies and operations. Many of these international companies are very susceptible to the security of their brands and products. Globalization and international pressure will push Nepal towards a broader electronic economy. Hopefully, it will be available in the next five years.