The digital payment platform has expanded its services to now allow users to send money to Ukrainians against an initial process that only allowed Ukrainians to send money outside their country using the payment platform.
This update was disclosed in a statement the company released via its website on Thursday, 17th March. Prior to this announced expansion, Ukrainians were restricted to only sending money outside Ukraine using PayPal.
According to the update, Ukrainian PayPal account holders can now send and receive payments from friends and family around the world as well as transfer money to their local bank account from their PayPal Wallet.
This is coming on the heels of the ongoing crisis in the country that was initiated after Russia invaded the country. The Ukrainian government had earlier requested that the global payment platform expand its services to accommodate the announced expansion.
Investors King also gathered that the company also revealed that it is temporarily waiving its fees for customers sending funds to Ukrainian PayPal accounts or receiving funds into Ukrainian PayPal accounts through June 30.
Reacting to the update, Mykhailo Fedorov, the Ukrainian Vice Prime Minister and Minister of Digital Transformation, applauded the expansion on Twitter as he shared a photo of the letter he received from PayPal.
“Our teams have worked intensively to identify how PayPal could best and quickly provide additional services to Ukrainians. We believe this service with be helpful for people in Ukraine to receive money from their friends and relatives around the world. It will also help Ukrainian refugees in other countries, so they can receive money to use or withdraw in their current location,” the statement by PayPal reads.
Following Russia’s invasion of Ukraine, the country has had a recurring issue with monetary support and this update from PayPal is a welcomed update. Investors King recalls that PayPal had also shut down its services in Russia as more sanctions continue to slow down Russia’s market.
Companies globally have expressed interest in helping Ukraine by sending funds to help them get by this trying time. The country continues to receive support from many international platforms. Recall that Ukraine had also received cryptocurrency donations worth millions of dollars from Binance, a digital cryptocurrency platform.