For the last couple of days, the news that we can now send as well as receive payments through Paypal here in the Philippines has been circulating the pinoy blogosphere and was indeed confirmed by Yugatech.
This is absolutely great news!
But after reading more news on the topic, the new implementation of Paypal is not yet fully supported by local banks. Which means, we can receive payments in our Paypal accounts but to withraw the money, we need a to have US bank account.
There is also another alternative, which is to use third party services like Xoom to transfer the money to local banks here in the Philippines. But because it is a third party service, the fees are higher compared to withdrawing directly from Paypal.
In conclusion, Paypal is seeing the potential market here in the Philippines although they may still be negotiating with local banks. What do you think? Can’t they incorporate it with Unionbank’s EON Card?