Will the end of the year to see PayPal money transfer system in Serbia?

Introduction of the receive option through foreign institutions of electronic money for Serbian residents, where there is legal framework, could happen by the end of 2014 and at this moment it primarily depends on the PayPal business decision, the National Bank of Serbia announced on Wednesday, June 18, (NBS).

The Central Bank reminds that changes and amendments to the Law on foreign currency business from 2012, legal assumptions for PayPal operations in Serbia were created and that it is not necessary to make changes to this law.

- For a couple of times so far with the PayPal representatives, NBS communicated the attitude that the implementation of the option of money transfer through foreign institutions of electronic money is in line with Serbian legislation and the expectations are that the implementation of that option for Serbian residents could happen by the end of 2014 – it was said in the announcement.

At this moment, as it was added, it depends on business decision of PayPal and timeline of its technical implementation.

NBS reminds that amendments to the law from 2012 enables residents to carry out payment operations with foreign countries through electronic money foreign institution for the purposes of payment and payment collections based on electronic sales or purchase of goods and services.

For legal and physical entities in Serbia, April 10, 2013, PayPal je introduced the option of payment to foreign countries (send option) for purchase of goods and services where it left the receive option for some the next staged of its development in Serbia.