Tuesday, February 17, 2015

How to set up a paypal account?

What is Paypal Account?

PayPal is a digital wallet which allows payments and money transfers through the Internet. PayPal is one of the world's largest internet payment companies established in 1998. Paypal is an American based company which allows users to pay online, receive online and transfer online, for which it charges a fee. In India, we can only receive money through paypal. If you want to pay using paypal, you need to link an international credit card. 

Online payment sites cannot pay money directly to your Indian bank account. So Paypal acts as an intermediate between payer and our receiving bank. As per RBI regulation, whenever payment is received to a paypal account in India, it will be transferred automatically to your linked bank account within 7 days.

How to set up free paypal account?

1. Go to paypal official website www.paypal.com.

2. Click sign up button at the top right of the homepage.
3. Select the country.

4. Select 'Get Started' under first box, ie, select 'An account for individuals'.
5. Now 'Enter your information' page will come. Please enter e-mail, password, First name, last name, date of birth, Nationality, address and mobile number.
Note: You name on paypal and the name printed on your PAN card should be same. You cannot change your name at later stages and your account will not be verified.

6. Adding credit/Debit card is optional. Now click 'Agree and create account'.
7. Now you get a page similar to the below image. Click on 'Go to your account' which is located at the bottom of the page.

8. You have successfully registered on paypal. Whenever you login to paypal, you will come to My Account page as shown below.

9. Please check your mail and click on the confirmation mail in order to activate your account.
10. Now click on the profile tab.

11. Click 'Add' to add the PAN card number.
12. Click 'My Money' from the left box.

13. Click 'Add my bank' to add bank account number and IFSC code of your bank.
14. Click 'Add' and  give 'Advertising and Market Research' as purpose code.
15. You have finished setting up paypal account. Now you can receive money from anyone by simply providing your mail-id.

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