Marco Belmonte / Page Seven Digital
The deputy Mariela Baldiviezo reported that the update of the Bolivian regulations allows to extend the scope of PayPal operations in Bolivia with the reception of payments from abroad. The measure paves the way for the arrival in the country of other companies dedicated to the payment gateway.
The legislator told page seven that after several steps and meetings with authorities from the Ministry of Economy, Financial System Supervision Authority (ASFI) and the Central Bank of Bolivia (BCB), it was possible to adapt the current law and eliminate the limitations. Now there is a regulation for this type of services.
“From the Ministry of Economy they informed us that the regulatory modifications have already been made and through a BCB Board Resolution there is already a green light for international payment gateways such as PayPal, Google Pay and others to be integrated,” he specified.
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PayPal is a service that allows you to pay, send money and accept payments without having to continuously enter personal financial data. In the world, more than 200 countries allow the use of this service and transactions with 25 currencies.
He added that there were some regulatory limitations to regulate this type of international payment gateways in Bolivia.
“PayPal is a recognized service in the world, in Bolivia the application could be used to pay, buy services and send money, but payments could not be entered. Now what you can do is have payments and collections,” Baldiviezo said.
According to the legislator, now that there are no limitations at the normative and regulatory level, the interest of PayPal and other companies should be aroused to extend their platforms to Bolivia, since the market could seem very small to them.
But they can operate through intermediary companies such as Red Enlace, Red Linkser, Tigo Money and others.
“With PayPal we will be able to promote electronic commerce, provide facilities for Bolivian professionals to offer their services abroad, help tourism, since all lodging companies can receive reservations since payments can be received,” he stressed.
Artisans and content producers can offer their products and have an agile payment mechanism.
Baldiviezo stated that the regulation for the provision of this type of service must be flexible because it will generate benefits and taxes for the State.
Through Board Resolution 069/2021, the BCB approved the Regulation of Payment Services, Electronic Payment Instruments, Clearing and Settlement.
walkways
PayPal Holdings, Inc. is a global company that operates an online payment system that supports money transfers between users located anywhere in the world through secure, fast and simple electronic means, which differentiates it from other payment methods. .
A payment gateway that allows you to simply open an account, connect it to a debit or credit card, to send and receive money immediately to anyone, in any country, except Bolivia and some others.
PayPal, being a payment platform with a global reach, is present in most countries in the world and has become the simplest and most expeditious way to improve the purchase and sale of virtual stores such as eBay among others, hotel reservations, payments for remote professional services, and others.
Currently more than 200 million people in 200 countries use the platform.
This company is accepted worldwide for its level of security and comfort and for being present as a form of payment in the most used virtual platforms in the world such as EBay, Tiktok, YouTube, Mercado Libre, Brookings, Aliespress among many others.
report requests
The Ministry of Economy, in response to the Requests for a Written Report requested by Baldiviezo, reported that companies such as PayPal can provide services in the national market through the use of electronic payment instruments issued by financial entities with an ASFI license or, If this is the case, request the corresponding authorization from the regulatory entity according to the scope of its operations.
However, it was clarified that the establishment of companies or international payment gateways in the country, as well as the authorization of their services for receiving payments from abroad, requires a voluntary determination of these companies.
