(RPTG CORRECTING NAME IN PARA 2)

PayPal cuts forex commission by 40 pc for SME exporters Mumbai, Aug 24 (PTI) Global digital payments companyPayPal today said it has cut its forex conversion mark-up byup to 40 per cent to benefit small exporters. "We have given our percent discount on the total fees.What that does is…for a small merchant, this will translateto about 30-40 per cent discount," PayPal India’s CountryManager and Managing Director Anupam Pahuja rpt Pahuja said onthe sidelines of a company event here. He said the exporter will have to choose the optionwhile transacting on the website. The company charges a mark-up on the forextransaction, apart from processing charges, which may rangefrom 2-4 per cent, he said. Pahuja claimed one-third of the country’s exportearnings pass through its gateway and added that it wants todeepen its presence in the segment. It launched a dedicated service targeted at thecountry’s 18 million-strong freelancers, wherein they will beable to receive money in a secure way within seconds bypassing only a web link to the payee. Globally, the company processed a total payment volumeof USD 300 billion in 2015 and has been growing at 20 percent, Pahuja said, declining to share the same for India. Asked about its domestic plans, he said, "India as anopportunity is not lost on PayPal. We are looking at the rightway and right time to come to India. It is not a questionwhether we will come to India or not. It is a question of how,what and when." The company only handles cross-border transactions atpresent, but is not present in the growing domestic market. The e-commerce market in the county has grown to aboutUSD 50 billion, while other segments like e-wallets areexpanding rapidly. Meanwhile, the company also disclosed the findings ofa survey it commissioned, which said that 82 per cent ofIndian millennials shopped abroad in 2015. The survey said PayPal is the preferred payment optionfor such small value transactions. PTI AA NRB KRK ABMBAS