Russian regulators have allowed PayPal to operate as a non-credit banking institution.
The move paves the way for PayPal to open a domestic payments business in the fast-growing Russian market.
According to PayPal’s parent company eBay, the process of obtaining a license from the Central Bank of Russia has taken over two years.
The licensing requirement was included as a provision of Russia’s 2011 Payments Law.
In October 2012 Reuters reported that the number of Russian eBay customers had increased by 82% so far that year.
Online media outlet Ecommerce Bytes cited Steve Milton, director of global communications for eBay international. He said Russia and China are eBay’s company’s top priorities in order to expand its international presence.