Having a PayPal account in India is a must if you want to do online business in India because when you start working online, you need a medium to send and receive payment. Though you can send payment through debit or credit card but to receive payment online you must have a PayPal account or google wallet kind of services. Before proceeding further, let us understand what is pay pal first.
What is Pay Pal
PayPal is the faster, safer way to send money, make an online payment, receive money or set up a merchant account. Pay pal operates just like a bank but in online mode. You can send and receive money instantly from anyone by credit card or PayPal account.
When you open up a PayPal account in India, you can start sending payment right away (After linking with your credit card). However to receive payment you need to link your PayPal account to your bank account and you will be able to withdraw money from your PayPal account to your bank account.
To open PayPal account in India you need a PAN Card and a working email Id.
Steps To Create your PayPal account
Go to the site PayPal
Click on Sign Up button.
You will have two options individual and business account. If you are new, start with an individual account. You can upgrade later in to business account if required.
Fill the form completely and provide all details as mentioned in the image. After providing all information click on Agree and Create Account.
On the next page, you need to sign up by filling up a form, you can enter your Credit/Debit card detail then or can skip it for later to send Payment. When you open a Paypal account in India, it’s a limited PayPal account. You can use it to send Payment to anyone using your Credit or Debit card, but to receive Payment you need to finish these 4 tasks:
- Add your PAN card
- Confirm your Email (When you sign up, you will get an Email from PayPal to confirm your account)
- Add bank account (This will be the bank account where your Paypal money will be withdrawn to)
- Purpose code (From the long list, select the purpose on which you are receiving payment on your Paypal account)
The process of linking bank account to your PayPal account will take 2-3 days.
Click on Start in front of Add bank account and you will be taken to the next page where you need to enter few fields such as :
- Your Name
- Your Bank account
- Your bank IFSC code.
Next step is to add the purpose code for your transactions. However, this will be your default purpose code, and at the time of withdrawing money from PayPal account to your Bank account, you can select any other.
How to add debit card /credit card to PayPal ?
This is optional. You can attach your debit card by clicking on the link in your PayPal dashboard.
If you are planning to earn money online, I would suggest in getting an online banking facility. All the bank in India provides Internet Banking facility. There is no fee for getting this facility.
You need to fill a form for this purpose and bank employee will give a user name and password . With that username and password, you can login into bank site. You can learn the procedure of getting online facility by calling to the toll-free number of your bank.
This way you can create a PayPal account in India & start sending & receiving money.