PayPal expands services in Ukraine

FOX Business Flash top headlines for March 17

Here are your FOX Business Flash top headlines for March 17.

PayPal has rolled out new services available in Ukraine to help its customers send money quickly to friends and family.

The aim is to help Ukrainian customers, who have traveled to other countries seeking refuge, to access critical funds. 

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The new services include Friends & Family P2P Payments, which allows Ukrainian PayPal account holders to send and receive PayPal peer-to-peer (P2P) payments from friends and family. 

PayPal app on a mobile phone (Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)

Ukrainian customers who receive money from friends and family in their Ukrainian PayPal Wallet will be able to transfer these funds to their bank account by linking a Mastercard or Visa debit card or credit card.  

PAYPAL SHUTS DOWN ITS SERVICES IN RUSSIA, CITING UKRAINE AGGRESSION

PayPal will be temporarily waiving its own fees for customers sending funds to Ukrainian PayPal accounts or receiving funds into Ukrainian PayPal accounts. Xoom (PayPal’s international remittance service) is also waiving transaction fees for payments sent to recipients in Ukraine. 

These additions join PayPal’s ongoing Ukrainian humanitarian efforts, including global giving campaigns.  

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PayPal shut down its services earlier in the month in Russia, citing "the current circumstances," joining many financial and tech companies in suspending operations there after the invasion of Ukraine.

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