PayPal services to become more reachable for users in Armenia

YEREVAN, September 4. /ARKA/. The services of PayPal online payment system will become more accessible for users  in Armenia, Transport, Communications and Information Technology Minister Ashot Hakobyan said at a press conference on Tuesday.

PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like cheques and money orders.

"We are negotiating with PayPal's management regarding its full introduction in Armenia in order to create a full-fledged atmosphere for online payments," Hakobyan said.
PayPal is one of the most popular electronic payment systems in the world used extensively for making purchases from eBay or Amazon stores, as well as for programmers, bloggers and companies providing commercial online services.

Armenian users of PayPal have been able to cash out their accounts through the Armenian Idram payment system since 2014, which converts the PayPal account into Idram electronic money, after which they can be cashed.

PayPal was created by a group of students. It as a payment processor for online vendors, auction sites, and other commercial users, for which it charges a small fee in exchange for benefits such as one-click transactions and password memory. 

Established in 1998 as Confinity, PayPal had its initial public offering in 2002, and became a wholly owned subsidiary of eBay later that year. In 2014, eBay announced plans to spin-off PayPal into an independent company by mid-2015 and this was completed on July 18, 2015. -0-