PayPal is April fool in Japan

It is good to see online payments firm PayPal keeping its finger on the regulatory pulse of leading economies. The company has had to shut its Send Money service in Japan until further notice as it did not apply for a licence to operate personal payment services – a new law that comes into effect on 1 April. 

This is not the first time the company has missed the legislative boat in Asia. In February, PayPal had to suspend personal payments for customers in India, again for failing to obtain authorisation under local laws. 

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Hi, My name is Anuj Nayar and I work at PayPal. I do want to be clear on this issue. We work closely with regulators in all the markets in which we operate. We decided to suspend this service voluntarily in order to ensure compliance with the new laws in Japan that go into effect on April 1st, 2010. The new Japanese regulations affect all services such as PayPal that operate in Japan. With more than 81 million accounts in 190 markets - we are simply the largest global operator.